Cardano (ADA) price has strengthened around the $0.95 mark after retesting support levels, attracting traders' attention to a potential breakout.
Consolidation Near Resistance Levels
Currently, ADA is trading at $0.9510, slightly up by 0.79% for the day. Its market cap stands at $33.86 billion, with a total supply exceeding 35.6 billion ADA. The trading volume over the past 24 hours has drastically decreased by 37.56%, indicating low trader activity amidst consolidation. Nevertheless, buyers have managed to hold support levels, with the market watching closely for a potential breakout above the psychological level of $1.
Traders Monitor Breakout Confirmation
Analyst CryptoBull_360 noted that ADA is 'bouncing back after retesting horizontal support/resistance levels.' The commentary emphasized that ADA tested the $0.70-$0.75 support zone multiple times before breaking through descending resistance around $0.85. This breakout was followed by a clean retest of the same level, which is now acting as support, reinforcing bullish sentiment among traders.
Support Levels and Long-Term Outlook
Failure to sustain above $0.92 may result in ADA sliding back to previous accumulation areas between $0.85 and $0.88. These levels remain significant for traders observing downside risks during consolidation periods. However, despite short-term challenges, ADA is currently priced significantly lower than its all-time high of $3.10, indicating that long-term investors perceive the token as undervalued.
In conclusion, Cardano continues to demonstrate strong fundamentals and an active development community, attracting both short-term and long-term investor attention.
