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.
Read CRYPTONEWSLAND onCardano’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.
#Cardano: Will it break through crucial support at $0.426-$0.461 and soar towards resistance at $0.46-$0.51?…
#Tron stages a resilient comeback. Despite February's dip, bullish indicators hint at potential gains ahead.…
Tether Holdings achieves a remarkable $4.52B profit in Q1 2024, boosting net equity to $11.37B.…
Tron CEO Justin Sun advocates for meme coins like Dogecoin and Shiba Inu, emphasising community…
Gibraltar, Gibraltar, May 1st, 2024, ChainwireBlockchain infrastructure provider Synternet has announced that it has added…
The thrill of discovering under-the-radar coins with growth potential makes this read a compelling one…