Cardano’s ADA bounce is becoming stronger following a daily increase since the start of the month. Although it has cooled off buying pressure a bit after facing a key resistance. But a bigger move lies ahead.

Following last month’s recovery, which temporarily stopped at $0.54, ADA pulled back into this month and later found support after rejecting the $0.47 level with a hammer candle formation. The price bounced back again and rallied up.

It encountered resistance at around the $0.57 level and stayed in the middle of consolidation for days due to drops in volatility.

However, this week saw the crypto through another significant growth as it broke out of a five-day consolidation phase to test a key resistance level of $0.61 yesterday. The price retraced slightly today after failing to push higher. It is currently changing hands at around $0.60.

While there is still room for bigger moves on the higher timeframe, ADA is looking for a close support level to initiate a fresh buy on the lower timeframe. Once it finds a solid retracement level, we can expect the price to keep rising.

A clear surge above the $0.68 resistance level – where it initiated drops two months ago – should trigger a huge buying pressure from a mid-term perspective.

No doubt, the bulls are back in the market. Once they release pressure again, their next target would be the $0.638 and $0.68 resistance levels. A breakout from there should bring us to the test of $0.735 in no time.

The closest support level to consider for a retracement is $0.58. Below this level lies the weekly support of $0.54. There’s also support at $0.50 in case of more dips.

Key Resistance Levels: $0.638, $0.68, $0.735

Key Support Levels: $0.58, $0.54, $0.50

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: Photo by Traxer on Unsplash // Image Effects by Colorcinch

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