Cardano (ADA) coin has recently experienced a drop in price below the $0.40 mark on April 25th, which has caught the attention of investors and ADA holders. This significant drop in price made everyone question whether Cardano (ADA) will break through this barrier, which has proved to be a significant resistance level in recent trading sessions.
However, on April 26th, the overall market has recovered as global market capitalization has increased by over 4.5% within 24 hours. This market-wide rally has driven ADA back up to the $0.40 mark with a massive gain of 6.93% in 24 hours.
The ADA price trend has been declining over the past 7 days, but with recent recovery, only time will tell if Cardano (ADA) will exceed the resistance level of $0.41 and trade above it in the coming days.
According to CoinMarketCap data, Cardano has a market capitalization of $13.9 billion with a 24-hour trading volume of $267 million. It is currently ranked as the seventh-largest cryptocurrency.
The recent decline in Cardano’s price may have been caused by several factors, such as market sentiment and shifts in investor perception. The fluctuations in trading volume, regulatory announcements or market news that affected the cryptocurrency market could also have played a significant role.
The support level of $0.38 has held up during the recent retests earlier this week and could act as a driving force for a higher valuation. If the bulls control the market completely, the price of Cardano could surpass its resistance level of $0.42.
On the other hand, if bears control the trend, the price of ADA could fall below $0.30 and reach $0.2777.
The simple moving average (SMA) shows a possible trend reversal as the 50-day SMA changes direction, attempting to cross below the 200 and forming a death cross. This action could generate a bearish signal and suggest a potential selling opportunity.
The Relative Strength Index (RSI) is above the neutral level and moving towards the overbought range, which could trigger a potential price correction. The MACD line is above the signal line, indicating a potential buying opportunity. The histogram is slightly above the zero line and also growing, indicating bullish momentum.
In conclusion, Cardano (ADA) has faced significant resistance during the recent market downturn, but recent recovery has shown potential for a bullish trend. As the market continues to fluctuate, only time will tell whether Cardano (ADA) can break through its current resistance level and achieve a higher valuation.
