Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Cardano Moves Toward $0.4233, Will ADA Maintain Its Uptrend?

Share This Post

Cardano (ADA) lately has been steadily climbing toward the $0.4233 resistance level. This upward movement which has persisted for a while now is raising curiosity among market participants as to whether the crypto asset can continue to maintain its bullish momentum and break through this significant resistance level. 

Also, Cardano’s recent price performance has showcased its potential for further growth. As ADA continues to maintain its steady upward trajectory, this article delves into exploring this current price action and analyzes technical indicators to determine if the crypto asset can hold its gains and push beyond the $0.4233 resistance mark or face a pullback and begin the drop again.

With a market capitalization of more than $14 billion and a trading volume of more than $304 million as of the time of writing, the price of Cardano is currently down by 1.82%, trading at around $0.4008 in the last 24 hours. ADA’s market cap and trading volume are currently up by 1.73% and 41.13% respectively.

Assessing ADA’s Potential To Break Through $0.4233

Currently, on the 4-hour chart, the price of ADA is gradually rising with steady momentum and making a move with strong bullish momentum toward the $0.4233 resistance mark. Furthermore, it is evident that the cryptocurrency asset has broken above the 100-day Simple Moving Average (SMA).

Cardano

The formation of the 4-hour Relative Strength Index (RSI) also suggests a continued steady bullish rise for ADA’s price toward $0.4233 as the signal line of the indicator has been maintaining a constant movement above 50% and is attempting a move into the overbought zone.

On the 1-day chart, although the crypto asset price is still trading below the 100-day SMA, it has been on a steady rise toward the $0.4233 resistance mark. If this upward momentum persists, Cardano could reach this mark and break through it.

Cardano

Lastly, an analytical examination of the formation of the 1-day RSI reveals that Cardano could sustain its bullish momentum and attain the $0.4233 mark as the signal line of the indicator has risen above 50%. 

Can Cardano Sustain Its Momentum?

If Cardano can maintain its current bullish momentum to reach the $0.4233 mark and close above, it may continue to move upward to test the $0.5229 resistance level. When this level is breached, the digital asset may experience further price gain toward the $0.6822 resistance level and possibly other levels above.

Conversely, If ADA’s price faces a pullback at $0.4233, it will start to decline once more, heading back toward the $0.3389 support level. Furthermore, Cardano may see further price decline to test the $0.2388 support level and perhaps other levels below if this $0.3389 point is broken.

Cardano

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

AI and Blockchain Explorers: Arkham and Blockchair Reshape Onchain Visibility

In recent years, blockchain explorers have advanced significantly, and with the rise of generative artificial intelligence (AI), their capabilities have expanded further Below, we examine two leading

Ethereum Price Sits Above Crucial Support Level — Is A Fall To $1,500 Possible?

The quick burst of bullish momentum in the crypto market in the closing weeks of April saw the Ethereum price close the month above $1,800 However, the altcoin failed to end the month in profit,

Tim Draper Foresees Bitcoin Could Be Worth Infinite US Dollars

Bitcoin could be worth an infinite amount of US dollars, says Tim Draper, sounding alarms over collapsing fiat trust, historic dollar weakness, and accelerating crypto dominance Tim Draper Urges

Bitcoin Holds Above $95K Despite Weak Blockchain Activity — Analytics Firm Explains Why

Historically, the Bitcoin price is an indicator of the blockchain’s health, with high activity often correlating with strong and positive price action However, the largest cryptocurrency market

Blackrock Discusses Bitcoin as Strategic Asset Too Risky Not to Own

Bitcoin is flipping the institutional narrative as Blackrock warns it’s no longer about risk exposure—but the greater risk of missing out on crypto’s unstoppable financial ascent Blackrock

U.S. stablecoin regulation could be delayed as pro-crypto Democrats pull support

A group of nine Democratic Senators announced that they will withdraw their support for the landmark US stablecoin legislation unless changes are made to the bill In a joint statement issued on May