#Cardano rebounds to $0.6784, breaking key Fibonacci levels. Could ADA hit $0.73 amid improved market sentiment?
As Bitcoin momentarily gains the $97,000 mark, altcoins like Cardano have surged by nearly 4%. Currently, the ADA price stands at $0.6784, witnessing a massive overnight comeback.
As the uptrend in Cardano gains momentum, the bulls have reclaimed the recently lost $0.67 high-volume zone. Will this reversal in Cardano’s price help it surpass the $0.72 decline?
Cardano Price Analysis Signals Potential Breakout Rally
Cardano’s price has made a bullish comeback from a strong support trendline on the 4-hour price chart. Coinciding with the support trendline, the 50% Fibonacci level has helped Cardano regain bullish strength.
With three consecutive bullish candles, the recovery in ADA’s price has surpassed the 61.80% Fibonacci level at $0.6732. The key Fibonacci resistance breakout also marks the breakout of a high-volume zone.
This high-volume zone had provided strong support for Cardano in late April. However, the recent breakout signals a V-shaped reversal in the ADA price trend, as well as a falling wedge breakout.
As Cardano sustains above the 61.80% Fibonacci level, buyers anticipate an upside move towards the $0.7292 resistance. This critical resistance has kept the Cardano price under check since late April.
The positive crossover in the MACD and signal lines supports the bullish outlook. According to Fibonacci levels, a potential breakout could reach the 1.272 level at $0.8372.
On the flip side, the crucial support remains the ascending trendline and the 50% Fibonacci level at $0.6437...
