Cardano's price is showing indications of a potential bullish reversal at the $0.24 level, marking its second occurrence in the past six months. This level has now gained significance as a notable accumulation zone. Upon analyzing the weekly chart, it becomes evident that a double bottom pattern has emerged.
During the decline in the cryptocurrency market between April and May, Cardano, the seventh largest cryptocurrency, reached the support level of $0.24, which was last seen in 2022. For nearly a month, the ADA price has been fluctuating above this support, as potential buyers are showing interest in accumulating at reduced prices. The fact that the support level has been rejected suggests the existence of demand and the potential for a bullish turnaround.
At present, Cardano is being traded above $0.2900, but it has encountered a 1.50% intraday decline. The price of the coin is oscillating between the resistance level at $0.3 and the ascending support trendline due to the prevailing market volatility. The resistance is further strengthened by a downward-sloping trendline, forming a substantial supply zone for potential buyers. Nevertheless, should the bullish momentum persist, a breakout above this consolidated resistance level, accompanied by the confirmation of a candle closing above it, would serve as a robust buying signal for traders.
According to Coingabbar Price Analysis the market capitalization of this ADA will be $10,176,836,044. The 24-hour trading volume of the coin is around $208,502,056.
KEY LEVELS :
RESISTANCE LEVEL : $0.3000-$0.3150
SUPPORT LEVEL : $0.2800-$0.2700
Is it possible for the ADA price to drop below the $0.26 support level amidst the market sell-off? Can ADA sustain its position above $0.26? Is there a likelihood of Cardano (ADA) breaking its current pattern and undergoing a bullish surge towards $0.40? I would greatly appreciate your insights regarding these aspects.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
