Cardano (ADA) has recently exhibited increased volatility, surpassing the $0.80 level and subsequently pulling back. Now, ADA is once again in focus as it strives to maintain its gained ground, testing support levels.
Cardano’s Price Action: Current Situation and Bullish Prospects
After forming a base at $0.65, Cardano (ADA) rose above $0.70 and $0.80, outperforming BTC and ETH. Despite a pullback towards $0.75, ADA is still trading above the 100-hour simple moving average at $0.7731. However, if bullish momentum weakens, further correction is possible.
ADA Key Resistance and Support Levels
The current resistance level is at $0.78, with major resistances at $0.80 and $0.82. Support is found at $0.75 and critical levels at $0.7150 and $0.65. Breaking $0.82 could lead to a rise to $0.9150 or even $1.00. Meanwhile, falling below $0.75 could prompt a return to $0.65.
Factors Influencing Cardano's Price
On-chain activity and whale accumulation are significant factors influencing Cardano's price, along with general market trends. The new scaling solution, Hydra, could contribute to long-term growth prospects. ADA's movement is also affected by price corrections in BTC and ETH.
Cardano is showing promising signs, yet the key resistance levels around $0.80-$0.82 continue to present substantial challenges. Investors should carefully devise their strategies, considering the current support levels and positive shifts in network activity.
