CandleFocus Cardano (ADA) Rally on Hold: Will It Break Out Again Soon?
2024-11-12
Author: Content Editor
Cardano (ADA) is currently in a consolidation phase below the $0.6650 resistance level. The cryptocurrency has seen a significant increase in value recently, surpassing key resistance levels at $0.450, $0.50, and $0.600. ADA is now trading above $0.580 and the 100-hourly simple moving average, with a key contracting triangle forming around the $0.5780 support level. If the price manages to break above the $0.6060 resistance, it could initiate a strong rally towards the $0.6800 region and potentially reach $0.700. On the other hand, failure to overcome the $0.6060 resistance may result in a decline, with immediate support at $0.5780 and major support at $0.5500.
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