Despite the crypto market downturn, Cardano (ADA) continues to captivate French investors. With its price hovering in a critical zone, the next bullish move may be imminent. Let's dive into a comprehensive analysis of ADA's prospects.
Currently trading at around $0.822, Cardano has registered a decline of -0.18% over the past 24 hours. This drop comes amid a broader context of negative performance across major cryptocurrencies.
On the hourly timeframe, ADA has failed to break through the local resistance at $0.8233, initiating a measured downward trend since then. If this downward pressure persists, a return to the immediate support level of $0.76 should be anticipated, possibly as soon as tomorrow.
On the 16-hour chart, ADA has a strong liquidity zone down to $0.76, which represents the last essential support level for Cardano’s token. A drop below this level would likely send the token down to $0.69.
If the current closing price remains above $0.82, the most likely scenario is a sideways movement between $0.81 and $0.84 over the coming days. This consolidation period seems necessary to accumulate momentum for a new bullish push toward $0.95.
If the price falls to $0.69, caution is advised. It would be prudent to wait for consolidation above this support before entering a position, as a drop below this level could push ADA back to $0.60.
A potential drop to $0.7-0.68 presents a long opportunity. Bitget platform offers an ideal platform for beginners and allows you to capitalize on a rebound toward $0.85 or higher. Here’s a detailed guide for beginners, with specific entry levels, stop loss (SL), and take profit (TP) targets :
The scenario of breaking through the psychological barrier of $0.85 remains conditional on a decisive bullish breakout accompanied by significant volume. For now, the momentum remains weak, technical indicators are neutral, and the overall altcoin market remains under pressure.
However, if ADA maintains its current level while gradually increasing its relative strength against Bitcoin (ADA/BTC), an attack on the major resistance at $0.85 could occur next week.
Cardano (ADA) price is currently evolving in a waiting pattern, with low volatility and volume, characteristic of a market on standby. Nevertheless, losing the $0.76 level could prove challenging for token holders.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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