Cardano Price Prediction, Bulls Face Difficult Resistance Barrier
- ADA's price is exhibiting an upward trend, surpassing the critical $0.600 pivot level.
- Currently, ADA is positioned above both $0.600 and the 100 simple moving average, indicating a bullish market sentiment.
- The pair has the potential to gain momentum and ascend towards the $0.800 level, with further prospects of reaching or even surpassing the $1.00 mark in the coming weeks.
Cardano surges past $0.60, eyes rally above $0.685 and $0.700 hurdle
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On the 4-hour chart, Cardano is currently trading within a Bullish Flag Pattern on the 4-hour chart.
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As per Coingabbar Price Analysis, ADA is gaining momentum above the $0.60 resistance level.
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A clear move above the resistance levels at $0.685 and $0.700 could trigger a further rally in Cardano's price.
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The occurrence of a golden cross is seen as a positive sign, assuring investors of an uptrend gaining traction and minimizing the chances of Cardano rolling back its gains.
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Leading altcoins, including Cardano, are experiencing increased buying interest, resulting in Cardano reaching its highest level in 18 months.
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According to Fibonacci retracement levels, Cardano's price is in the early stages of recovery.
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A potential breakout above the 23.6% Fibonacci retracement level is anticipated, closing the gap to $1.
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This breakout could set up a structural framework for ADA's price to approach the 61.8% Fibonacci level at $2.
KEY LEVELS :
RESISTANCE LEVEL : $0.6550-$0.6800
SUPPORT LEVEL : $0.6250-$0.6100
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.
