Cardano (ADA) remains one of the most exciting tokens on the market and its technical developments have really set itself apart from other major tokens. It has also been doing well in the bull run and there is potential for it to break past resistance levels. At the same time, there are other tokens that serve as good alternatives to ADA.
Cardano noticed a significant upward trend following a consolidation phase over $0.580. ADA’s price has effectively surpassed resistance levels at $0.620 and $0.680, entering a bullish zone alongside other big cryptocurrencies such as Bitcoin and Ethereum.
The climb continued over the $0.700 threshold, facing resistance around the $0.80 mark and peaking at $0.8097 before entering a corrective phase below $0.750.
The decline continued below the 23.6% Fibonacci retracement level from the recent advance, ranging from a low of $0.5754 to a high of $0.8097. ADA is currently trading below $0.7250 and the 100-hour simple moving average.
On the ADA/USD 4-hour chart, a major positive trend line, combined with the 50% Fibonacci retracement level from the aforementioned spike, provides support at $0.6880.
The $0.680 support zone appears to be resilient, with probable resistance above $0.7220. A breakthrough over this level might see ADA challenge $0.740, setting the path for a possible test of the key $0.800 barrier. Surpassing $0.800 could spark a major rally, sending prices to $0.8250 or perhaps higher, $0.850.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
