The Cardano price breached parabolic resistance to signal potential bullish momentum. As Cardano (ADA) pushes towards a higher resistance at $0.8176
Cardano price soared to breach parabolic resistance and indicate potential bullish momentum. As ADA pushes towards a higher resistance at $0.8176, analysts highlight that this could trigger sustained buying interest.
The price action of ADA over the past few days has attracted attention, with a morning star candlestick formation emerging on the 4-hour chart. This technical pattern is often associated with a bullish reversal, further bolstering the case for ADA's potential upswing.
Moreover, ADA's Relative Strength Index (RSI) approached overbought territory, indicating strong buying pressure. However, the Stochastic Oscillator remained in a neutral zone, suggesting potential for both bullish and bearish movements.
As ADA price continues to rally, it encounters crucial resistance levels that could determine the strength of the upswing. The first key resistance is at $0.8176, which coincides with the 23.6% Fibonacci retracement level. If ADA manages to breach this level, it could pave the way for a rally towards the 38.2% Fibonacci retracement at $0.9288.
However, if ADA fails to overcome the initial resistance at $0.8176, it may encounter difficulties in sustaining the bullish momentum. In this scenario, ADA could experience a pullback or consolidation before attempting another breakout.
On the downside, support levels are seen at the 50% Fibonacci retracement at $0.6180 and the 61.8% Fibonacci retracement at $0.5528. These levels could cushion ADA price in case of a downturn.
Overall, ADA price displayed bullish momentum and encountered crucial resistance levels. If ADA breaches the initial resistance at $0.8176, it could set the stage for a rally towards the 38.2% Fibonacci retracement at $0.9288. However, if ADA fails to overcome this resistance, it may experience a pullback or consolidation before attempting another breakout.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
