Is This the Start of a Strong Recovery for Cardano (ADA) Price After the Dip? Key Levels to Watch

ADA's price has fallen 12.14% over the past day but shows signs of recovery. Trading volume for ADA has increased dramatically by 481.37%, showing strong

ADA’s price has seen a 12.14% decrease over the last day. However, some recovery is to be expected. ADA’s trading volume has shown a massive 481.37% increase, indicating strong market participation. Top analyst Crypto_Jobs revealed on Twitter that the cryptocurrency may see a brief move up. In his technical analysis, he provided specific price targets.

Looking at ADA’s 5-minute chart, we can see that the price is trending up along a clear line of trend support (dotted white line). The trend is making higher lows, suggesting that the buyers are in control for now. The price is moving toward resistance between $0.7450-$0.7480, which also lines up with the 50% Fibonacci level.

On the other hand, there is good support around $0.680-$0.685, which matches the 0.618 Fibonacci level. This support zone helped launch the current move up. Keep an eye on the trendline – if ADA’s price breaks below it, the trend might be changing.

Levels To Watch For ADA’s Resistance

The price of Cardano could move up in the near term, but it faces key barriers between $0.7450 and $0.7480. There’s also some resistance between $0.7250 and $0.7350. Traders should be careful when the price gets near these levels.

Moreover, don’t short ADA right now. The price could still go up in the short term. If you want to trade it, stick to quick in-and-out trades since the long-term direction isn’t clear.

Scalping vs Long-Term For ADA’s Price

For traders engaged in short-term scalping strategies, the present market scenario offers opportunities to capitalize on ADA’s movements within a defined range. The tweet highlights the importance of monitoring key levels and maintaining discipline, especially after the losses experienced by many market participants.

On the long-term front, the analysis expresses doubt about ADA’s price falling below $0.500 unless Bitcoin experiences a significant downturn. This cautious outlook reflects the broader uncertainty surrounding the crypto market’s future direction.

Furthermore, Crypto_Jobs shared a personal note about recent losses and encouraged traders to approach the market with a level-headed strategy. The emphasis on discipline and “level by level” trading serves as a reminder of the challenges inherent in navigating volatile markets like cryptocurrency. Traders are encouraged to adapt their strategies to evolving market conditions.

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