- Cardano (ADA) price is up by 12.9% in the last 24 hours.
- Bulls need to flip the $0.6 resistance into support and climb up to $0.8.
- If ADA price fails to reach $0.80, the price may go sideways.
The crypto community has found a short-term relief from the ravages of the 2022 bear market, as Bitcoin and some major altcoins are seeing a much-awaited uptick. Among these, Cardano (ADA) appears to show a newfound strength, thanks to the loyal ADA bulls.
At the time of writing, ADA is changing hands at $0.5383, according to CoinGecko. This is an impressive surge of 12.9% in the last 24 hours. So far, ADA is the only cryptocurrency that has witnessed this increase among the top 10 cryptocurrencies.
In addition, a couple of indicators in the 24-hour price chart suggest that a possible bull run may happen soon.
As seen on the chart above, ADA price has broken past the $0.50-$0.52 resistance zone just today. This may indicate that ADA has bottomed out in the short-to-mid term scenario. Bulls may make their entry at this current range, as suggested by the surge in transaction volume in the last couple of days.
The chart also shows that ADA price has broken past the resistance trend, which, in retrospect, is part of the Descending Triangle pattern. For those who are not familiar with chart patterns, a triangle formation represents a high possibility of a trend reversal.
Based on this perspective, many traders may expect ADA price to hit $0.60 soon and flip this resistance level into support. After this, the next trek is $0.80. However, bulls need to gather more support at $0.60 before ADA investors and traders can expect a higher climb.
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$0.80 is the tipping point; if ADA bulls subdue the bears at this level, then the cryptocurrency may return to $1 in the next couple of months. However, if the bulls fail in their first attempt, they may have up to two more tries to challenge the $0.80 ceiling. Otherwise, ADA price may go sideways, which will become problematic for the bulls.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether express or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers to perform their own in-depth research before investing in cryptocurrency.
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