A weekly 7% gain put Cardano’s price above a crucial resistance level after witnessing a series of recoveries in the past weeks. It may retest the break level as support to restart bullish actions.
Cardano has seen an impressive recovery over the past weeks, rising from a low of $0.3 in March to a high of $0.46 this week. This alone brought about 40% massive increases in the space of a month.
The massive increase led to a major break above a crucial resistance level of $0.4 this week to a new high. That resistance breakout confirms a bullish rally from a mid-term perspective.
Although the price may still retest the resistance as support before it rallies hard. We can see that the trend looks extremely bullish on the daily outlook. There are no signs of bears as they continue to suffer along the way up.
However, the price appears to have reached an overbought area in the lower time frame. A retracement could come into play any moment from now. The breakout level would be a retest point for a rebound.
And if ADA extends its bullish impulsive rally in the coming week, it may tap $0.5 before it can initiate a correction. The bulls remain in charge.
Cardano’s Key Levels To Watch
Cardano currently held support at the $0.44 and $0.42 levels. It marked the weekly support level at $0.4. If the price slips through this level, the potential support is located at $0.0373 and $.0.35, which sits on the trend line.
In an attempt to sustain pressure higher, the immediate resistance levels to watch out for are $0.463 and $.0.482 The next resistance level to keep in mind is $5 if the price keeps rising.
Key Resistance Levels: $0.463, $0.482, $0.5
Key Support Levels: $0.44, $0.42, $0.40
- Spot Price: $0.45
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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