Cardano’s Battle At $0.346: Will Buyers Triumph Over The Resistance
Cardano, with a market capitalization of $12.19 billion, is currently facing resistance in its attempt to break into the top 10 list of cryptocurrencies. The ADA token is trading at $0.3395, showing a 1% decrease over the past 24 hours.
Over the last week, Cardano has experienced a modest recovery following a recent upgrade, resulting in a 5.59% increase. The sustainability of this recovery over the coming week is uncertain. Cardano’s recovery seems to be encountering obstacles as it struggles to surpass a critical resistance level at $0.346 as per CoinMarketCap data. Despite a double bottom reversal from the $0.313 support level, the rally has stalled near this significant level.
Analysis of the price chart reveals a consolidation phase with a bottom support at $0.338. Although a recent lower price rejection candle suggests that the altcoin has managed to avoid closing below this crucial support, the next significant support level is identified at the 23.60% Fibonacci level at $0.333, which could establish a bullish trend.
Considering the overall picture, the recovery from the substantial pullback from $0.399 to $0.313 appears to be stalling at $0.346. Coupled with a minor loss of momentum and bearish signals from the MACD and DMI indicators, the future of the recovery is uncertain.
According to the Fibonacci retracement levels, the crucial support beyond the consolidation phase is at the 50% level, with upper and lower boundaries at $0.356 and $0.313, respectively. Deciphering the upcoming trend hinges on the range breakout.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
