- Cardano reacted to its weekend’s tight consolidation with a 5% 12-hour surge.
- Meanwhile, the initial surge may trap early bulls before an impressive 15% rally emerges.
- A 4hr candle closing beneath $0.354 might cancel Cardano’s bullish narrative.
After reaching a local high on April 15th, Cardano experienced a significant drop, likely due to investors selling for profit. The altcoin then moved within a range and formed a base before breaking out on April 25th.
Cardano’s Price Surge: Will it Continue or Reverse?
Cardano’s price surged by 35% from March 27th to April 15th, reaching a local high of around $0.462. However, this increase left investors exhausted, resulting in profit-taking and an 18% drop to $0.378.
On April 25th, ADA’s price increased by 5% to $0.401, but it couldn’t surpass the resistance level. There is potential for the token to reverse and erase recent gains, possibly through extended selling. To sell Cardano, traders will likely use a stop-loss at the equal lows of $0.369. Conversely, a rebound from the bullish zone of $0.359 – $0.354 presents a good opportunity to buy Cardano.
If ADA can overcome the resistance at $0.401, it can reach $0.427 and $0.431, resulting in a 20% gain. Additionally, a Twitter user named @rr_rr_rr_11 tweeted about an impending surge for ADA as trifecta support emerges.
While Cardano’s future may seem uncertain, investors should be wary of a 4-hour candle closing below $0.354, which could signal a turning point and cancel out any bullish trends. In this case, ADA may retrace to reach the support barrier of $0.341. Despite this, cryptocurrency analysts remain optimistic about Cardano’s future price movements.
