Will Cardano (ADA) Surge? Check Out the Latest Analysis!
Cardano has recently begun a price increase from the $0.620 zone, showing potential for further gains. Currently, ADA is consolidating near $0.70 and seems to be targeting a rise above the $0.720 zone. This movement has caught the attention of investors and analysts monitoring the dynamics of the Cardano market.
Cardano's Price Resistance
In recent sessions, Cardano experienced a decline from the $0.7350 level. ADA dropped below the support levels of $0.720 and $0.70. A low was formed at $0.6826, and the price is currently rising again. Cardano is now trading above $0.680 and the 100-hour simple moving average.
However, on the upside, the price may face resistance in the $0.7150 zone and the 61.8% Fib retracement level of the recent decline from $0.7338 to $0.6826. In an effort to continue the rise, Cardano needs to break through the existing resistance. If successful, this could be a strong bullish signal for traders and investors. However, if it fails, there is a possibility that Cardano will experience another decline.
