Popular cryptocurrency analyst Rekt Capital tweeted that the price of Cardano’s ADA token has broken out from its Macro Range. According to the chart shared by Rekt Capital, ADA price broke through the resistance at $0.4 and is heading towards the next level at $0.51.
As Rekt Capital stated, “A break out of the resistance wil make price surge to $0.7.” At the time of writing, ADA price is presently trading around the $0.5 level after the initial breakout.
Nomad Hedge also commented on the ADA price action, tweeting, “Cardano has surged beyond its accumulation phase. In case the major market cap cryptocurrencies take a pause, there’s a possibility of capital flowing towards laggards. This appears highly bullish.”
Price Levels to Watch $0.51 Resistance Level
If ADA manages to break through the $0.51 resistance level convincingly, that opens up room for further upside. According to Rekt Capital’s analysis, the next target after $0.51 would be around $0.7.
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With Cardano appearing to break out from its recent range-bound action, the crypto community will be closely monitoring price levels and volatility. Additional positives like increasing development activity and protocol adoption could also act as catalysts for more sustained upside. For now, the bulls seem to be gaining control.
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