Lokesh Gupta
12-07-2024
#Cardano price has recently surpassed the $0.3850 resistance level, showing a steady increase.
$ADA aims to secure a close above $0.40 to establish bullish momentum.
Since reaching a peak of $0.80 on March 14, #Cardano's price steadily declined to $0.40 by mid-April, with minor rebounds but no breakthrough above $0.50.
The price of $ADA has been confined within a falling wedge pattern since the beginning of the year, approaching the consolidation's edge.
Despite multiple recovery attempts in the last three months, ADA has struggled to exceed the $0.50 mark and has trended downward.
On July 5, ADA broke a critical horizontal support level, dropping to a low of $0.32.
Following this breach, ADA saw a positive turn in performance, gaining 27%.
As per Coingabbar analysis, Breaking this support could signal ADA's bullish trend above $0.40, potentially rising 22%, surpassing June's high.
Conversely, if ADA fails to hold above this level, it might retest the immediate support at $0.33 and potentially drop below $0.30.
KEY LEVELS :
RESISTANCE LEVEL : $0.4500-$0.5200
SUPPORT LEVEL : $0.3600-$0.3200
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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