Fri, December 01, 2023

The price rally for Cardano (ADA) has reached a critical point


The price rally for Cardano (ADA) has reached a critical point

The price of Cardano (ADA) began a new uptrend over the $0.32 resistance. If ADA overcomes the $0.350 barrier area, it will increase further.

In the 4-hour ADA/USD pair chart, a significant negative trend line is forming, with resistance near $0.348. (data source from Kraken).

  • ADA’s price is surging beyond the $0.320 support level versus the US dollar.
  • The price is presently rising above the 100 simple moving average and is currently at $0.320.
  • It may continue to rise if the pair breaks through the $0.35 resistance area.
  • The price of Cardano increased by 10%

Cardano’s price found support in the vicinity of the $0.298 region after a prolonged fall. The price just began a steady climb after trading as low as $0.2979.

The resistance levels of $0.315 and $0.320 were clearly broken. Bullish pressure caused the price to exceed the 23.36% Fibonacci retracement of the major decrease between the $0.4213 peak and the $0.2979 low. The price surpassed even the barrier level of $0.3300. The ADA price currently trades above the 100 simple moving average and $0.320. (4-hours). Today, the price has increased by about 10% and is trending upward, much like bitcoin and Ethereum.

Immediate upward resistance is located close to the $0.348 region. In the 4-hour chart of the ADA/USD pair, a significant negative trend line with resistance near $0.348 is also developing. The $0.36 zone is where the next significant resistance is building. It is close to where the main decline from the $0.4213 swing high to the $0.2979 low Fib retracement level of 50%.

The price may begin a sharp surge if there is an upside break above the $0.350 and $0.360 resistance levels. Under the aforementioned scenario, the price can progressively increase toward $0.40. $0.42 may serve as an intermediate resistance.

Will ADA defy resistance levels and rise or take a new slide?

Cardano’s price may begin a new slide if it is unable to rise over the $0.348 and $0.350 resistance levels. Near $0.330, there is the immediate support on the downside.

The next significant support is close to the $0.320 mark. A downward breach below $0.320 could pave the way for a new slide in price toward $0.300. The next significant support is close to the $0.288 mark.

The future is quite exciting for the Cardano network. The goal of its creators is to provide everyone with free access to blockchain technologies and banking services. Cardano is developing stablecoins to guarantee the steadiness of a major digital decentralized environment.

Also, more people will be drawn to the blockchain. Free economic connections will be established without the need for a central authority figure.


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