Price Analysis

Cardano is Breaking Out: Decoding the Possibility of ADA Price Reaching $0.6 This Month

Cardano’s price has surged beyond the much-awaited resistance at $0.42, which has made market participants somewhat confident over the next price run. The ADA volume has been soaring constantly for over a couple of days, suggesting increased market participation and involvement in the network. However, the price is also facing some bearish pressure after achieving highs above $0.54, which may offer an additional push after experiencing significant compression.

The last quarter rally of 2023 ended the year-long consolidation and propelled the price by over 180%. However, the token failed to close the yearly trade on a bullish note and has maintained a descending consolidation until now. The crypto space maintained a sideways trend as the BTC price chopped around $43,000 for over a few weeks. However, the sudden bullish push enabled the Cardano price to break above the bullish pattern, suggesting a fine rise could be imminent.

The latest rejection from the highs compelled the price to hover within a falling wedge. The price, however, traded flat for a couple of days and finally broke out. It appears that the bears are stationed at $0.54, due to which the token faced a minor pullback after rising above these levels and is struggling to reclaim the levels. Alongside, the volume has again dropped after experiencing a minor rise in the past couple of days. This suggests the bulls may get exhausted soon, causing the price to lose all the profits gained.

Also Read: Bitcoin Price May Hit $51,500 Before the Halving: But There’s a Catch!

Conversely, the price appears to be picking up momentum, with the technicals remaining mostly neutral. The MACD crossover could offer some strength, while the RSI is rising, which is strengthening the bullish case. However, a validation of a bullish upswing may be received once the price closes the day’s trade above $0.545, which may even extend beyond $0.55.

With this, the possibility of elevating the price levels to $0.6 could be expected later this month and achieving within the resistance zone between $0.64 and $0.65 may trigger a fresh bullish action for the Cardano (ADA) price.

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