The crypto market has shown signs of recovery today following a broader downturn earlier this week. Cardano’s ADA token is up around 2% over the past 24 hours and is currently trading close to the $0.50 level. However, this is still down significantly from the 2023 yearly high of around $0.66 hit in mid-December.
According to recent analysis by altFINS, ADA price action is currently consolidating within a Channel Down pattern. Within channel patterns, a breakout signals potential for a rapid move in the direction of the breakout – either to the upside or downside.
Source: altFINS – Start using it today
In terms of key levels for ADA, altFINS highlights nearby support at $0.46 (the previous resistance level) and then at the psychological $0.40-$0.42 zone. On the upside, initial resistance is at the 2022 high around $0.65, followed by the $0.75 area.
Regarding momentum, technical indicators are currently skewing bearish for ADA in the short-term. The MACD line is below the MACD signal line and the RSI is below 45. However, the broader trend remains neutral to bullish – with a downtrend only visible on short-timeframes, a neutral trend on medium-timeframes, and a continued long-term uptrend.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Given the current consolidation pattern and bearish momentum, additional downside may eventuate in the short-term towards support levels. However, the constructive long-term structure and recovery today indicates scope for a breakout above $0.65 resistance.
This would open up further upside potential back towards the 2022/2023 highs. I will look to enter a long position on a confirmed breakout above $0.65 resistance. Initial target at $0.75, with stop loss placed below $0.42 as per altFINS recommendation.
You may also be interested in:
- Can Ripple’s XRP Reach $1,000?
- Why is AltLayer (ALT) Price Pumping?
- Rebel Satoshi’s Rising Popularity Challenges Top Meme Coins Dogecoin and Shiba Inu
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.