In the past week, Cardano saw a notable loss and dipped to a month low, which now served as temporal support on the daily. It recovered a bit this week, but it now looking stalled under a key resistance level.
ADA’s bear took a brief break in bearish this week and the price rose by roughly 7% in the past 72 hours. But things are still looking dicey as it now trades calmly on the daily chart, deciding on where next to head.
Following the mid-week bounce that brought a small recovery to price, we can expect more increase if the asset gains more strength. Currently, the buyers are weak, but they appear to be regrouping on the lower timeframe.
If they regroup well and manage to overcome the $0.64 resistance that suppressed buying pressure for days, we can expect more gains to surface. In the process of that, breaking above the previous high could set the asset for a bigger rally.
Considering a resurge from the bears’ side, the price could break below its monthly low until it finds a solid ground to foot a fresh increase. While the recent loss has positioned the market in a downward range, ADA is still technically bullish from a mid-term perspective.
ADA’s Key Levels to Watch
Now that the bulls are finding it difficult to push above the holding $0.64 resistance level, ADA is likely to resume drops. Even though they managed to surpass this resistance, the $0.68 and $0.735 levels would be the next obstacles for them.
A dip from the current trading level could collapse the price through the weekly $0.59 support to $0.54. The lower support level to watch for drops lies at $0.5.
Key Resistance Levels: $0.64, $0.68, $0.735
Key Support Levels: $0.59, $0.54, $0.50
- Spot Price: $0.64
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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