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June 16, 2024
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Cardano (ADA) Price Approaches a Crucial Stage-Is a Breakout Imminent?

The post Cardano (ADA) Price Approaches a Crucial Stage-Is a Breakout Imminent? appeared first on Coinpedia Fintech News

Cardano is quietly working to strengthen its platform with fresh upgrades that may help improve the decentralization of the project. Recently, the platform achieved a milestone of its first wrapped BTC on the Cardano chain (CBTC), which works similarly to that of wBTC on Ethereum but without a central custodian. 

The wrapped BTC on Cardano may unlock liquidity from the $432 billion BTC market. The wrapped asset may further appear to attract liquidity. Besides, the Total Value Locked (TVL) of Cardano is also surging heavily with a more than 11% jump, recording more than $115.99 million. 

The price of its native token, ADA, underwent a steady decline and found support near $0.298 beyond which it began with a decent upswing. A clear move above the $0.31 and the $0.32 resistance zones was recorded as the bulls raised the price above 0.23 FIB levels. The Cardano price has currently surpassed the $0.33 resistance level, with an aim to clinch beyond $0.35 by the end of the week. 

The ADA price flipped and surged, breaking beyond the descending parallel channel. The token may maintain a fine upswing to mark the interim highs above $0.35 at $0.36, where-in the 200-day MA levels are located. Securing these levels is extremely important to keep up the bullish momentum. Hence, once the price settles beyond these levels, a strong breakout toward the target at $0.4 may be imminent. 

On the contrary, if the dips haunt the ADA price rally and it fails to climb above the $0.348 and $0.35 resistance zones, then a fresh wave of bearish action may be triggered. The price could reach the immediate support levels close to $0.330 and try to flip the ongoing bearish trend. However, if these levels also fail to hold the price, then it may get back to its previous levels at $0.32 or even lower. 

Until then, the crucial levels to keep a close watch on are :

  • Resistance levels: $0.347, $0.352, and $0.364.
  • Support levels: $0.328, $0.319, and $0.3

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