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A breakout Above This Critical level Would Sustain Gains In Cardano

A breakout Above This Critical level Would Sustain Gains In Cardano

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Cardano’s price is moving higher due to continued buying pressure. The price may finally break the critical $0.55 level. ADA is taking advantage of the fundamental trigger and broader crypto market recovery. The bulls have taken charge as the price found profitable support near the $0.46 level. The price is on its way to another weekly win.

  • The price of Cardano continues its performance, a total increase of 15 percent.
  • Strong support formed near $0.46, paving the way to $0.60 as we expect the upward momentum to continue.
  • The momentum oscillator turns in favor of buyers.

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

The price of Cardano headed for a weekly increase

Cardano price turned in a swing area of ​​$0.43 after a sharp drop from a high of $0.59. After a short-term consolidation, prices rose on higher-than-average volume.

Cardano buyers have been buying near $0.42 but have not been able to push the price above the upper resistance at $0.57, indicating that bears are active at higher levels. Currently, the sign is oscillating within two converging lines, forming a symmetrical triangle formation.

The formation of three green candlesticks indicates a likely rise. Continued buying pressure would push the price higher. Moving higher, the first bullish target could be at $0.54, followed by $0.58.

RSI (14) reads at 52. The Momentum Oscillator is trading above the average, and any upside will bring profits.

Source: Trading view

On the 4-hour chart, Cardano price is consolidating near higher levels. The price is expected to recover towards the 0.23% Fibonacci retracement level at $0.50. Fibonacci retracement extends from the $0.43 low. More gains were added when the price jumped above the 21-day exponential moving average. We expect consolidation before the next directional setting.

Also read: http://Cardano Shows High Performance Signs Ahead Of Vasil Hard Fork

What to do at the current level?

Cardano’s price analysis shows that challenging $0.52, a break, and a close below it may initiate the next phase of the downtrend. The pair may then fall to the 0.38% Fibonacci retracement level. On the other hand, if buyers pushed the price above $0.55, the bullish momentum may pick up and the pair may move towards $0.64.

The general sentiment is upbeat. Any price correction would be healthy if it stays close to $0.50. This would be a buying opportunity for investors on the sidelines.

Rekha has started as a Forex market analyst. Let’s analyze basic news and their effect on market movements. Later, develop an interest in the fascinating world of cryptocurrencies. Market monitoring through technical aspects. Researching chain analysis to monitor the market.

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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