A breakout Above This Critical level Would Sustain Gains In Cardano

A breakout Above This Critical level Would Sustain Gains In Cardano

Cardano price edges higher amid sustained buying pressure. The price is finally able to breach the critical $0.55 level. ADA is capitalizing on the fundamental trigger and broader crypto market recovery. The bulls have taken the charge as the price took viable support near the $0.46 level. The price is headed for another weekly gain.

  • Cardano price continues to print gains, a total of 15% appreciation.
  • Strong support formed near $0.46 paving a way for $0.60 as we expect bullish momentum to stay.
  • The momentum oscillator turn in the favor of buyers.

The price has been trading in the green for the past few hours with a 24-hour trading volume of $302,045,993 with a loss of  17%. It is a concerning sign for the bulls.

Cardano price headed for weekly gains

Cardano’s price reverses from the swing low of $0.43 after a steep fall from the highs of $0.59. Following a consolidation for the short term, the price rise along with above-average volumes.

The Cardano buyers have been buying near $0.42, but they have not been able to push the price above the overhead resistance at $0.57, indicating bears are active at the higher level. Currently, the token is oscillating inside the two converging lines, forming a symmetrical triangle formation.

With the formation of three green candlesticks suggests a probable upside breakout. A sustained buying pressure would push the price higher. On moving higher, the first upside target could be located at $0.54 followed by $0.58.

The RSI (14) reads at 52. The momentum oscillator trades above the average line, and any uptick brings gains.

Source: Trading view

On the 4-hour chart, the Cardano price consolidates near the higher levels. The price is expected to retrace toward the 0.23% Fibonacci retracement level at $0,50. The Fibonacci retracement extends from the lows of $0.43. More gains were added as the price jumped above the 21-day exponential moving average. We expect a consolidation before the next directional setup.

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What to do at the current level?

Cardano’s price analysis shows that bears challenging $0.52, a break and close below it could start the next leg of the downtrend. The pair could then drop to the 0.38% Fibonacci retracement level. Conversely, if buyers pushed the price above $0.55, the bullish momentum could pick up and the pair might move toward $0.64.

The overall sentiment is bullish. Any price correction would be a healthy one, provided it holds near $0.50. This would be a buying opportunity for sidelined investors.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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