Cardano price has recently seen a rise above $0.40. ADA maintains its level and might go even higher, potentially surpassing $0.42251.
Increase in the Cardano price has recently excited investors. In the last 24 hours, Cardano’s (ADA) price went up by 3.39% to $0.41. Over the past week, it increased by more than 5%. The highest price ADA has ever reached is $3.09.
Even though Cardano’s trading volume dropped by 22% in the past week, its circulating supply has grown to 35.44 billion, which is 78.75% of its maximum supply. Cardano is currently ranked #11 in market capitalization, valued at $14.62 billion.
Technical indicators show that Cardano price is experiencing more swings. If ADA can break through the $0.445 resistance level, it might trigger a strong rally toward $0.50 and beyond. Investors are optimistic and are closely watching to see if this upward trend continues.
Cardano Price: Is a Bull Run on the Skyline?
Cardano (ADA) is a blockchain platform and cryptocurrency, similar to Ethereum (ETH), the second-largest cryptocurrency.
In the past few days, Cardano price has seen a good increase, starting from the $0.3800 support zone. It climbed above the $0.40 and $0.4050 resistance levels, doing better than Bitcoin and Ethereum.
Cardano price has surged above the $0.420 resistance and reached $0.4225. After hitting this high, the price is now stable. It did drop below the $0.4220 and $0.4200 support levels and tested the 23.6% Fibonacci retracement level from the $0.3782 low to the $0.4225 high.
Downside Correction in ADA?
If Cardano price’s doesn’t climb above the $0.4225 resistance level, it might keep decreasing. The first support level is near $0.4120. The next major support is around $0.4080. If the price drops below $0.4080, it could fall to $0.400.The next major support after that is near $0.3880.
Technical Indicators
Cardano is experiencing more price swings. The MACD for ADA/USD is losing momentum in the bullish zone, while the RSI is now above the 50 level.
Support and Resistance Levels
Support Levels: $0.4120 and $0.4080
Resistance Levels: $0.4200 and $0.4225
Also Read: Cardano Shows Promise On MiCA Compliance with New Sustainability Report
