Cardano (ADA) sustained its recent rebound on Wednesday, holding above the $0.68 mark amid ongoing fluctuations across the broader cryptocurrency market. The price of the asset demonstrated strong support during early declines while attract more buyers near vital profit points.
ADA started the day with lower prices that recovered through the day to achieve a peak of $0.69 before enduring a modest price reduction. The ADA token traded at $0.683 during this period showing a 0.90 percent increase from 24-hour ago.
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Major cryptocurrencies experienced immediate price fluctuations due to 48 hours of market volatility. Cardano experienced together with other cryptocurrencies a daily peak increase of approximately 6% as traders posted their gains on Tuesday yet faced modest liquidation afterward.
The recovery of Cardano began through TradingView data showed Cardano reaching $0.63 support on March 31. The asset has maintained continuous growth since March 31 as it shows consistent green candle patterns in the daily market.
ADA’s value increased significantly as investors strongly entered the market upon reaching its $0.663 low on Wednesday morning. The asset price now uses $0.63 as its main short-term base for support.
The price of Cardano continues to register a decline of 7.87% from its starting point on the weekly time frame as per the data from CoinMarketCap. The price of this asset remains below its recent peak while traders deploy more force near essential resistance areas.
Resistance Ahead as Cardano Attempts to Extend Gains
Cardano faces numerous significant obstacles during its market recovery phase before it can break past resistance to potential upward price growth. Analysts identify two major obstacles in Cardano’s resistance zone at $0.73 and $0.75 because these represents significant moving average barriers.
Until these levels are breached, ADA’s upward movement may remain limited. If bullish momentum increases and ADA surpasses the moving averages, the next major target could move closer to the $1 range.
Conversely, a return of selling pressure could push the asset back toward the $0.63 support level. The price drops under this area might initiate more downward price movements that potentially could reach levels below $0.60 based on previous market trends.
Source: Tradingview
The future direction of Cardano depends directly on present market opinions. The market selection process for caution involves checking persistent uptrends to determine their potential longevity.
Conclusion
Cardano’s price maintains a position above its current support area which indicates growing interest from buying investors. The upcoming ADA price movement will become clear after the market stabilizes depending on whether traders push the coin through resistance levels or pull prices back again.
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