Cardano Price Surges Near Key Resistance Level, Signals A Breakout

Summary:
• Cardano price has struggled to stay above the $0.360, but recording the biggest daily gain in over a month signifies bullish undercurrent.

Cardano price rose late on Friday, gaining 5.8 percent to trade at $0.358 at the time of writing. That was the biggest daily gain by ADA in over a month, on a day that crypto market bellwether, Bitcoin rebounded above the $71k mark. The move included a retest of the $0.360 barrier mark, which has proven to be an immovable hurdle in recent days.

The crypto market suffered a setback on Thursday as Bitcoin broke below the $70k mark after having come close to breaking its record-high price earlier in the week. The $0.360 is significant, as it serves as the upper neckline of a sideways trend that has been in place for nearly a month. Following its rise today, Cardano’s price has broken below its 20 and 50 Exponential Moving Average (EMA) levels on the daily chart, signaling a potential bullish momentum.

Cardano has underperformed its peers during the recent crypto market upswing, almost mirroring that of beleaguered XRP. That has seen investors choose other altcoins and meme coins with better upside prospects. Bitcoin’s return above the $71k mark could provide the sentiment needed by the rest of the crypto market to resume its recent uptrend. That could see ADA price find stability above $0.360, for a potential upside breakout.

Cardano price prediction

The momentum on Cardano price calls for further upside if the buyers keep the price above 0.352. That will likely see the price rise to the first resistance at 0.357, above which the momentum could strengthen to move ADA further up to test 0.633.

Alternatively, moving below the 0.352 pivot mark will signal control by the sellers. If that happens, the first support is likely to come at 0.347. However, if the sellers strengthen the downward momentum, it could break below that support and render the upside narrative invalid. Also, the decline could extend to the second support at 0.344.