Cardano Holds Support Level, Focus on Breakthrough at $0.66
Current price action is slightly below the 9-period Exponential Moving Average (EMA) at $0.62680. Breaking through this short-term resistance level may spark new interest from buyers, especially if the price can recover the 20-period Simple Moving Average (SMA) at $0.63163. Recapturing this moving average area usually signals a shift in market sentiment from bearish to neutral, and eventually to bullish.
More encouragingly, the broader support structure remains intact. $ADA has repeatedly broken through the $0.60 level, forming a potential triple bottom pattern. This pattern is generally viewed as a bullish signal, especially when accompanied by declining sell volume and signs of accumulation from buyers. Cardano (ADA) is poised for a potential reversal as key support holds at 4 points.
Long-term resistance levels at $0.65755, $0.66020, and $0.70794 may become the next upward targets. If ADA breaks through the $0.66 area, it could accelerate upward towards the 200-period Simple Moving Average (SMA), currently at $0.70794, which would be an important technical milestone and could act as a magnet for the price.
