2023-1-18 09:43 |
The price of Cardano continued to increase as it joined other top cryptocurrencies in the latest recovery. Alongside Bitcoin, it broke out of a descending channel and struggled for more gains.
Cardano recently found local support at $0.24 and slowly bounced back. It started the month on a bullish note, with full speed to mark a weekly high at $0.346.
This positive action led to a fake-out on the descending channel following a sharp rejection as the price dropped. The buyers regrouped the following day and continued to push higher. The momentum looks a bit weak due to a decrease in the buying volume.
It has, however, remained calm and traded around the critical (resistance) level of $0.33 since yesterday. The current weakness in buying pressure could lead to a drop if the asset fails to advance higher.
Even if the price drops, there is still room for more growth as long as the price can stay above the crucial level of $0.3 – which is a retest of the channel’s breakout. A dip below this crucial level would lead to a proper fake-out, which may later cause severe pain if this pair loses its local support.
The summary of the whole scenario lies in Bitcoin’s strength to reclaim the $20k – $21k levels in the next few days. If those levels fail to come into play, Cardano and other cryptos are more likely to shed losses in the future.
Cardano’s Key Levels To Watch Source: TradingviewIf the mentioned important level fails to hold Cardano’s gains, the next level of interest would be $0.27 and perhaps $2.4. It will target the $0.2 level if the price further dip.
On the other hand, the price can still rise to $0.378 if Cardano can reclaim the weekly high mentioned above. The level to watch above it is $0.4, followed by $0.44. Whichever way, the bulls are still in control.
Key Resistance Levels: $0.378, $0.4, $0.44
Key Support Levels: $0.30, $0.27, $0.24
Spot Price: $0.33 Trend: Bullish Volatility: HighDisclosure: 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: ximagination/123RF / Image Effects by Colorcinch
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