Is This the Start of a Strong Recovery for Cardano (ADA) Price After the Dip? Key Levels to Watch
ADA’s price has fallen 12.14% over the past day but shows signs of recovery. Trading volume for ADA has increased dramatically by 481.37%, showing strong market participation. Top analyst Crypto_Jobs revealed on X that the cryptocurrency could see a brief upward movement. He provided specific price targets in his technical analysis.
Looking at ADA’s 5-minute chart, prices are trending up along a clear line. The trend shows higher lows, suggesting buyers are in control for now. Price is moving toward resistance between $0.7450-$0.7480, which lines up with the 50% Fibonacci level.
Moreover, there’s good support around $0.680-$0.685, matching the 0.618 Fibonacci level. This support zone helped launch the current move up. Keep an eye on the trendline – if ADA’s price breaks below it, the trend might be changing.
What you'll learn 👉
ADA Resistance Levels Pose Potential Challenges
The price of Cardano could move up in the near term but faces key barriers between $0.7450 and $0.7480. There’s also some resistance between $0.7250 and $0.7350. Traders should be careful when the price gets near these levels.
Moreover, Crypto_Jobs stated that don’t short ADA right now. The price could still go up in the short term. If you want to trade it, stick to quick in-and-out trades since the long-term direction isn’t clear.k.
Read Also: Time to Buy DOGE? Trader Predicts a New Dogecoin Price Rally After Pullback
Scalping and Long-Term Concerns For Cardano’s Price
For traders focused on short-term strategies, the current market environment presents opportunities to capitalize on ADA’s movements. The tweet underscores the importance of monitoring key levels and exercising discipline, particularly in the aftermath of losses experienced by many market participants.
On the long-term front, the analysis expresses doubt about ADA’s price falling below $0.500 unless Bitcoin experiences a significant downturn. This cautious outlook reflects the broader uncertainty surrounding the crypto market’s future direction.
Furthermore, Crypto_Jobs shared a personal note, acknowledging recent losses and encouraging traders to approach the market with a level-headed strategy. The emphasis on discipline and “level by level” trading serves as a reminder of the challenges inherent in navigating volatile markets like cryptocurrency. Traders are encouraged to maintain focus on the technical levels outlined in the analysis while adapting their strategies to evolving market conditions.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
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.
