Cardano ‘Could Pave the Way for a Bullish Move Toward $0.68’, Here’s How

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.

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.

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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.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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