- Cardano (ADA) is testing key resistance levels near $0.720, with potential for a breakout towards $0.750 and beyond.
- However, failure to surpass $0.7150 could lead to a drop, with support at $0.70 and $0.680.
Cardano (ADA) bulls are ramping up momentum as the cryptocurrency looks poised for a potential breakout. Following a price dip to the $0.620 mark, ADA has shown resilience by stabilizing around the $0.70 region and could soon be eyeing higher price levels. The recent movement suggests that Cardano’s price may be ready to surge once it clears key resistance levels.
Cardano’s latest price action began with a steady climb from $0.650, and now ADA trades above its 100-hour simple moving average, signaling positive short-term momentum. The $0.70 zone has emerged as a crucial area of consolidation, but ADA bulls are targeting resistance levels near $0.720 and beyond. The first hurdle lies at a bearish trendline resistance around $0.7180, but if ADA can push through this level, the potential for a breakout becomes very real.
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The short-term outlook suggests that ADA could continue its upward trajectory if it manages to clear $0.720. From there, the path is clear towards the next resistance zone near $0.7250, with more substantial resistance at $0.750. A decisive move past the $0.750 barrier could trigger a rally towards the $0.780 level, possibly even $0.80, as bulls look to extend their gains.
However, not all signals are bullish. If ADA fails to overcome resistance near $0.7150, it could face another downturn. The immediate support level is at $0.70, and if the price dips below this mark, the next support level is at $0.680. A breach of this level could open the door for further declines toward $0.630, where buying pressure may re-emerge.
In conclusion, Cardano’s price action is at a pivotal point. With the bulls pushing for a breakout above critical resistance, the next few days could determine whether ADA is on the cusp of a sharp rally or another pullback. Investors will be closely monitoring ADA’s ability to clear resistance levels and maintain momentum in the coming sessions.
