Cardano Hits $0.42 for the First Time Since April; Analyst Says a Breakout Could See ADA Hitting This Price Level
Cardano (ADA) has surged to $0.42, marking a milestone not seen since April. Crypto analyst Av Sebastian views this as a pivotal moment, emphasizing that if the resistance at $0.42 can be convincingly transformed into a support level, ADA could be on the brink of an impressive journey, potentially retesting the $0.77 area.
Delving into the technical aspects, altFINS provides a detailed analysis of the Cardano trade setup. The current scenario reveals a bullish breakout from the ascending triangle pattern, surpassing the $0.40 resistance.
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This breakthrough signals a potential continuation of the uptrend, with a projected near-term target at $0.46. Importantly, the price had earlier breached the 200-day moving average ($0.30), solidifying a bullish trend reversal into an uptrend.
Examining the trend, Cardano showcases a clear uptrend across various time horizons, spanning short, medium, and long terms. The momentum, however, presents a mixed picture, with the MACD Line residing below the MACD Signal Line, a bearish signal. On the bullish side, the RSI stands above 55, and rising MACD histogram bars hint at the potential for another upswing in momentum.
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Support and resistance levels play a crucial role in understanding the ADA’s price dynamics. The nearest support zone rests at $0.30, representing the previous resistance, followed by $0.25. In terms of resistance, the immediate zone is identified at $0.40–$0.42, with a subsequent target at $0.46.
As Cardano navigates these critical levels, traders and investors are on high alert, awaiting confirmation of sustained bullish momentum and the potential realization of the ADA’s upward trajectory.
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