Bitcoin, the market’s leading cryptocurrency, recently witnessed a bounce from its critical $25,000 support level, injecting optimism across the crypto landscape. Among the altcoins riding this wave of enthusiasm, Cardano coin price surged 5% over the past two days. Is this bullish trajectory solid enough to inspire confidence in a more extended recovery?
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Buyers Need This Key Resistance Breakout to Trigger New Recovery
- The ADA price to prolong a sideways trendline between a downsloping trendline and $0.24
- The technical chart shows that crypto buyers may witness strong support near $0.24 and $0.2
- The intraday trading volume in the Cardani coin is $111 Million, indicating a 13% loss
Source- Tradingview
Buoyed by the renewed demand pressure at the $0.24 support, ADA price is currently on a relief rally. If buying momentum persists, the altcoin might appreciate by another 3% this week, setting its sights on a crucial resistance that has capped its upside for nearly two months.
This dynamic resistance level has previously thwarted bulls’ attempts to push higher on three distinct occasions. Therefore, for a more pronounced bullish turn, the ADA price must decisively breach this overhead resistance.
Achieving this feat could reposition the resistance as a newfound support, potentially propelling ADA price by 12.3% higher to reach the $0.28 mark, followed by $0.3.
Here’s Why ADA Price Correction Trend May Hit $0.22
With prevailing uncertainties in the broader crypto market, the Cardano coin journey might not be entirely smooth sailing. If market sentiment wavers, the traders might face heightened selling pressure at the overhead resistance trendline. Taking a conservative stance, if the altcoin price succumbs to bearish forces and dips below the multi-month support of $0.24, a decline to the $0.22 level seems plausible.
- Vortex Indicator: A negative alignment between the VI+(blue) and VI-(orange) reflects the overall trend remains bearish.
- Exponential Moving Average: The crypto buyers are facing dynamic resistance from the 20-day EMA.
