Logo
Cardano Ecosystem

FxCryptoNews

09/30/2024

·

205 views


Will Cardano Bounce Back? The Significance of $0.39 Support Levels

Cardano (ADA) made significant gains last week, surging by 20% from September 23 to September 27. This surge pushed the price near the critical resistance level of $0.418. During this period, the technical...

Will Cardano Bounce Back? The Significance of $0.39 Support Levels

Cardano (ADA) made significant gains last week, surging by 20% from September 23 to September 27. This surge pushed the price near the critical resistance level of $0.418. During this period, the technical indicators consistently showed a bullish outlook for ADA. The market appeared ready for a large rally, and the rise in active addresses pointed to increasing organic demand.

However, Bitcoin’s (BTC) recent dip from the $66,000 resistance level negatively affected Cardano’s price momentum. Despite this, the long-term prediction for Cardano remained optimistic. Yet, the failure to reclaim a crucial retracement level posed a concern for the bulls.

Range Breakout and Fibonacci Retracement

In July and early August, ADA experienced a sharp downward price movement. By analyzing this trend, analysts identified key Fibonacci retracement levels. Among them, the 78.6% retracement level at $0.418 stands out as a critical point for Cardano bulls. Reclaiming this level is necessary for ADA to shift to a long-term bullish trend.

Over the past two months, ADA has been trading within a defined range, with support at $0.312 and resistance at $0.393. Last week’s bullish momentum drove the price above the range highs. However, it failed to break past the $0.418 retracement level. In the past three days, ADA has faced a 7% decline.

Cardano Price Prediction: Analyzing the $0.39 Liquidity

Despite the recent price dip, the Chaikin Money Flow (CMF) remains above +0.05, indicating strong capital inflows. Moreover, the daily RSI continues to signal bullish momentum. This suggests that the $0.387 level could serve as a short-term support zone before ADA resumes its upward movement.

In recent trading hours, ADA has swept the liquidity around the $0.39 level. This could trigger a bullish reversal toward the $0.408 zone. However, bearish short-term momentum surrounding Bitcoin may drag Cardano prices down later this week. Therefore, traders should remain cautious and prepare for potential rejections near the range highs.

Read Also: Cardano (ADA) and Chainlink (LINK) Slide as Rival Primed for Triple-Digit Gains Attracts Big Money

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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 FxCryptoNews

ORIGINAL SOURCE

https://www.fxcryptonews.com/will-cardan...

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 FxCryptoNews

See more
ADA Price Watch: Momentum Fades Below $0.80 — Will the Final Week of September Spark a Reversal?
FxCryptoNews
ADA Price Watch: Momentum Fades Below $0.80 — Will the Final Week of September Spark a Reversal?

09/26/2025

·

30 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)