Logo
Cardano Ecosystem

CoinCu News

07/04/2023

·

338 views


What Will Cardano Do At The $0.3 Resistance? - CoinCu News

Key Points: Cardano has struggled to break the $0.30 resistance level since being classified as a security by the SEC. Market sentiment is important for ADA’s potential breakthrough, with optimism...

What Will Cardano Do At The $0.3 Resistance? - CoinCu News

Key Points:

  • Cardano has struggled to break the $0.30 resistance level since being classified as a security by the SEC.
  • Market sentiment is important for ADA’s potential breakthrough, with optimism surrounding the possibility of surpassing $0.30 and gaining bullish momentum.
  • ADA’s price movement is linked to the overall market, particularly influenced by Bitcoin, and overcoming the nearest Fib level and maintaining stability above $0.31 could indicate a positive comeback.
After the SEC classified ADA as security in June, the price of Cardano (ADA) has made multiple failed efforts to reach $0.30. Can this barrier be overcome, though, given the market’s present bullishness?
What Will Cardano Do At The $0.3 Resistance?

Cardano displayed aggressive accumulation during the latest market recovery, rebounding from a long-standing support level of $0.0.252. The price of ADA has risen dramatically, more than 36% from the bottom in June, but has come to a standstill after hitting the immediate resistance level of $0.3.

An optimistic view might pave the path for a price breach over the $0.3 barrier as market mood remains important. If this occurs, the ADA price may encounter rapid purchasing in order to extend the bullish advance.

After weeks of being in a negative downturn, the bulls look to be regaining control of market momentum. The aggregate order books of exchanges suggest that the bulls have now placed more purchase orders than market supply, although by a modest margin.

A breach over the $0.3 level might signal the start of a positive comeback in the ADA price. The ADA price is now trading at $0.2969.

What Will Cardano Do At The $0.3 Resistance?
ADA price chart. Source: TradingView

The nearest Fib level that ADA has to overcome is 38.2%, notice the price movement in the $0.31 area.

Also, the 24h trading volume has increased somewhat, indicating that the token is being actively traded between buyers and sellers in the market.

Cardano has also not faced any significant micro-factors lately, suggesting that the price increase is closely linked to the market at the moment, specifically Bitcoin.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on CoinCu News

ORIGINAL SOURCE

https://coincu.com/199869-what-will-card...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from CoinCu News

See more
KuCoin Delivers Attractive Benefits, Bitget Token Rebounds and Qubetics Presale Surpasses $1.2 Million - Coincu
CoinCu News
KuCoin Delivers Attractive Benefits, Bitget Token Rebounds and Qubetics Presale Surpasses $1.2 Million - Coincu

10/09/2024

·

364 views

Related News

See more
Banner-Tech-Summit-Rio

Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)