Cardano Approaches Key Resistance as Trendline Tightens
Cardano ($ADA) is consolidating below a descending trendline on the 4-hour chart, suggesting the asset could be nearing a short-term breakout as price structure tightens near support.
👉 ADA Price Analysis: Setup Nearing a Turning Point
ADA has been sliding gradually from the $0.71 zone, forming a clear series of lower highs along a diagonal resistance. Analyst Sheldon The Sniper notes the setup “looks really nice for a trade, but not ready just yet,” implying more consolidation may be needed before a breakout attempt.
Currently, ADA trades near $0.65, with immediate support at $0.63 and stronger backing around $0.60. Stabilization near these levels signals that buyers are starting to defend this zone, shifting sentiment from bearish to cautiously bullish.
A confirmed break above $0.66–$0.67 could trigger momentum toward $0.70–$0.72, while failure to break out may keep ADA range-bound in the short term.
👉 Key Technical Levels
Resistance: $0.66–$0.67
Primary Support: $0.63
Secondary Support: $0.60
Upside Target: $0.70–$0.72
👉 Market Context
ADA’s movement reflects the broader altcoin consolidation trend as Bitcoin’s dominance pressures mid-caps. Despite that, Cardano’s on-chain activity and DeFi ecosystem remain steady, bolstered by Hydra protocol upgrades aimed at boosting scalability.
Long-term holders appear to be accumulating quietly near current levels, showing underlying confidence as ADA maintains its price floor above $0.60.
🚀 Follow BIZLEE RANI for more smart crypto insights and updates! 💰
