Cardano (ADA) is flashing signs of bullish momentum, currently trading at $0.7406. After a week-long consolidation between $0.69 and $0.77, recent price action suggests growing buying pressure. ADA has climbed 1.98% in the last 24 hours, reinforcing investor confidence.
Key Support and Resistance Levels
ADA’s next move hinges on breaking resistance or holding key support:
Support Levels:
- $0.7132 – A crucial level where buyers have consistently stepped in.
- $0.69 – A breakdown here could trigger a deeper correction.
Resistance Levels:
- $0.75 – A decisive breakout could fuel a strong rally.
- $0.8347 – The next major upside target if bullish momentum strengthens.
Technical Indicators: What the Charts Say
- 4-Hour Chart: ADA is forming a descending wedge, a classic bullish reversal pattern. A breakout above $0.75 could spark a sharp rally.
- Daily Momentum: A bounce from $0.7242 to $0.7385 signals renewed buying interest.
- Weekly Trend: Consolidation within $0.69 – $0.77 suggests accumulation before a breakout.
Month-End Prediction
If ADA surpasses $0.75, a 14-15% surge toward $0.80-$0.8347 is likely. However, failure to hold $0.7132 may lead to a retest of $0.69 before another push higher.
ADA is at a critical inflection point. The descending wedge, rising momentum, and strong support zones suggest an imminent move. The battle at $0.75 resistance will determine the short-term trajectory.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
A breakout could ignite a strong rally, while failure to hold support may extend consolidation or trigger a dip.
Final Takeaway: A Breakout Is Near
ADA is coiling for a major price shift. Whether it surges past $0.75 or faces short-term turbulence, volatility is expected. Traders should closely monitor support at $0.7132 and resistance at $0.75—a decisive move is coming.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on X, Facebook, Telegram, and Google News
