![Cardano Price Action Echoes Its 2018-2020 Pattern, Analyst Says ADA Could Consolidate At Current Levels Till This Date If The Trend Continues](https://captainaltcoin.com/wp-content/uploads/2023/09/P2P-Review-7.png)
According to on-chain analytics, a significant band of resistance for Cardano’s ADA token looms between $0.54 and $0.56. Within this zone, data shows nearly 50,000 addresses hold roughly 2 billion ADA, presenting a formidable selling wall.
However, trader Ali notes that if ADA can overcome this heavy supply barrier, the path opens for a bullish move to retest the $0.68 level. Breaking past the intense overhead resistance therefore stands as the critical macro-inflection point for ADA to re-ignite its uptrend. “Overcoming this resistance could pave the way for a bullish move toward $0.68!,” Ali noted.
![](https://captainaltcoin.com/wp-content/uploads/2024/02/image-419-1024x376.png)
On the technical front, analytics platform altFINS flags a bullish setup forming as well. Their automated pattern recognition technology identifies ADA recently broke out above a Channel Down formation that constrained price action since September of last year.
Per the platform’s quantitative research, these types of breakouts historically yield further upside follow-through over the subsequent weeks, with mean returns averaging +20%. With Cardano retesting the breakout and holding support, altFINS suggests a long trade with an initial profit target at $0.60, with a stop set below the swing lows around $0.44.
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Zooming out, the firm’s algorithms confirm ADA’s prevailing trend across short, medium, and long-term timeframes stands in clear uptrends. And bullish momentum signals show alignment strength as ADA pushes towards critical resistance.
In conclusion, between salient on-chain data highlighting the crucial supply zone ahead and corroborating bullish technical patterns emerging, conditions align for ADA to attempt to overcome the final hurdle needed to reclaim its bull market. Traders eyeing exposure can monitor price action around the $0.54–$0.56 level, where conviction to the upside may soon reveal itself if absorption of selling pressure occurs.
You may also be interested in:
- Why is Powerledger (POWR) Price Pumping?
- Expert Crypto Analyst Spotlights Optimism, MAVIA and These Altcoins To Watch This Week
- Bitcoin (BTC) & BNB (BNB) Move Funds Into Early Kelexo (KLXO) Presale as Stage 1 Is Selling Out Fast
Check NuggetRush ($NUGX)
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.