As many altcoins shed losses amid the latest market fall, Cardano holds gain and continues to show strength daily. It is footing an upward movement but faces a minor resistance level.
Since the price bounced back above $0.33 earlier this month, ADA has been struggling to regain momentum despite notable surges amongst several other coins. Though it posted some gains but is not enough to put the bulls back on track. The $0.37 level appears to be posing a threat.
While this minor level prevented buying, the price looks stuck and as we can see on the daily chart, it is now subjected to a consolidation phase as it struggles with volatility. Buying volume appears low at the moment.
Despite the recent drop in Bitcoin’s price, which led to some bleeding amongst many altcoins this week, Cardano’s price remains strong daily as it continued to show signs of strength on the daily chart. A clear surge above the mentioned minor level could bring us into the orange zone.
Meanwhile, that zone is an important area to watch for a major move up in the short term. If the price fails to advance higher, a drop from that consolidation phase may lead to a serious leg down capable of causing a dip. As of now, the bulls are taking charge.
ADA’s Key Levels to Watch
Source: Tradingview
The $0.392 – $0.416 zone (marked orange) is currently an area of interest for the bulls. If they scale through it, the $0.45 resistance would be the next to watch, followed by $0.49.
If ADA takes a downturn as experienced by many altcoins since the start of the week, it may roll back to the monthly $0.33 low. Lower levels for drops are $0.3 and $0.276.
Key Resistance Levels: $0.416, $0.45, $0.49
Key Support Levels: $0.332, $0.30, $0.276
- Price: $0.367
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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