Cardano’s price remained intact in a channel pattern after shedding a lot of loss in five months. It recently found support on the channel’s lower boundary after consolidating for a week. Recovery lies ahead!

The much-anticipated correction to the $0.35 level finally occurred last week after a three-week decline. At the same time, that price level coincides with the lower boundary of the ascending channel forming since late last year. 

After testing that area, it entered a brief consolidation phase and currently attempt to push out of the phase. The $0.376 level seems to be posing a threat to the bulls for the past hours. If they overcome that level, we can expect a quick push toward the $0.4 psychological resistance in no time.

From a technical standpoint, the upper boundary of the channel remains the main target for the buying. The only condition for selling right now would be a breakdown of the channel, which could cause serious pain in the market.

If such a scenario occurs, ADA is likely to drop to as low as $0.28 before it finds a bottom. However, such a setup does not look realistic at the moment. The daily volume is still in the fall. We can expect a significant price increase as soon as it begins to rise.

ADA looks ready for an increase. If the price surpasses the mentioned psychological resistance, the next level to pay attention to is $0.42 and $0.44, followed by $0.463 and $0.482 around the upper boundary of the channel.

The closest support level right now is $0.357, which sits on the lower boundary of the channel. Below the channel, the nearest support levels to keep in mind are $0.34, $0.323 and $0.30.

Key Resistance Levels: $0.376, $0.40, $0.42

Key Support Levels: $0.357, $0.34, $0.323

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

Image Source: niphonsubsri/123RF // Image Effects by Colorcinch

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