2023-4-12 09:17 |
Cardano’s bullish trajectory remains intact amid the indecisiveness amongst top altcoins. It has formed a double-bottom pattern on the higher time frame but still needs a break to validate a bull run.
The crucial $0.4 resistance level has become a strong reverse point for Cardano since it regained momentum in late 2022.
After two failed attempts at that resistance area, the cryptocurrency corrected lower and found support on a ten-month trend line, which coincides with the $0.3 level. That level produced a bounce, and ADA pushed slowly with a higher high and high low pattern on the 4-hour chart.
It increased by over 30% in the space of three weeks and tested the crucial resistance level again. The asset saw a rejection there, fell briefly to $0.375 last week, and has held as support ever since.
A fall below this support could signal bearish actions before it finds another solid level for a rebound. Inversely, a rise above the crucial resistance level would validate a buy to last September’s resistance before retracing.
The daily volume indicator is decreasing by the day. An increase in buying volume could cause the bulls to reiterate more actions. But as it stands now, they appear weak across a major time frame. Despite that, ADA remains bullish on a weekly.
Cardano’s Key Levels To Watch Source: TradingviewIf Cardano loses the last week’s support, it will encounter hourly support at $0.37 before slipping to $0.345. The level to consider next for rebound lies at $0.325.
The buying target to watch out for is $0.42 (February’s high) once the price flips the crucial resistance level. A higher resistance level to consider for a mid-term breakout is $0.44. The key resistance level for the rally lies at $0.5 and $0.525, marking last September’s high.
Key Resistance Levels: $0.4, $0.42, $0.44
Key Support Levels: $0.345, $0.325, $0.3
Spot Price: $0.387 Trend: Bullish Volatility: ModerateDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: firnthirith/123RF // Image Effects by Colorcinch
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