Cardano Price Up Again, Nears Key Reversal Level
Summary:Cardano price has been in a stiff range in the last five days, between $0.735 and $0.748. What will it take to break out decisively? Cardano price rose for the second successive day on Saturday,...
- Summary:
- Cardano price has been in a stiff range in the last five days, between $0.735 and $0.748. What will it take to break out decisively?
Cardano price rose for the second successive day on Saturday, inching up by 1% to trade at $0.745 at press time. The coin’s performance has been sending mixed signals in the last five days, gaining in four of those days to halt a sharp downtrend seen a week earlier. That performance reflects the broader crypto market, which has gained marginally this week, underlined by Bitcoin’s support around the $82k-$83k range.
However, ADA has been facing strong resistance at the $0.750 level in the last four days, a level marginally above its 200 Exponential Moving Average (EMA) level on the daily chart. That has seen bulls tame their appetite for the coin, but a breakout above that level could inject a fresh impetus to recover the extensive losses incurred in March.
ADA price will need to reclaim the psychological $1 support before it builds a strong bullish sentiment. However, that is likely to be a challenge, as the current trade tariff environment has elevated risk aversion among investors.
Meanwhile, Cardano blockchain has seen its DeFi performance increase in the last day. According to DeFiLlama data, its Total Value Locked (TVL) rose by 1.9% in the last 24 hours to stand at $330 million. That signals increased utility for ADA, which adds support to the upside.
Cardano Price Prediction
Cardano price pivots at $0.758 and action above that level favours the buyers to stay in control. That will likely see the first resistance established at $0.758. A stronger momentum will break above that level and could test the second resistance at $0.770.
Conversely, going below $0.737 will shift the momentum to the downside. With that, the crypto coin will likely find the first support at $0.724. However, an extended control by the sellers will break below that level and invalidate the upside narrative. Also, that could clear the path for further losses to test the second support at $0.709.
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