This article is available in Spanish.
Cardano (ADA) has made a strong comeback with bulls intervene to reverse the recent decline and spark a new rally. After a brief period of downward pressure, the cryptocurrency is regaining popularity, leading to renewed optimism among investors traders and investors.
With positive momentum building, Cardano is showing signs of further upside, positioning the company for continued gains towards $0.4233. The question now is whether bulls can sustain this rise and push the ADA to new highs.
As the rebound continues, this article aims to analyze ADA’s recent price movement, focusing on how the bulls reversed the pullback and sparked a new price run. collection. It will examine the flow optimistic Evaluate key support and resistance levels and explore the potential for sustained upside in the short term.
Bullish momentum returns: how Cardano reversed the pullback
On the 4-hour chart, Cardano has turned bullish and is currently maintaining its position above the 100-day Simple Moving Average (SMA) by a multiple of pressures vegetable candlesticks. As long as the price remains above this level, the bulls will likely remain in control, with the possibility of more to come profits if the upward trend continues.
An analysis of the 4-hour Relative Strength Index (RSI) shows a notable increase, rising to 63%, after previously falling to 53%. This increase reflects growing bullish momentum, indicating that buying pressure in the market is gaining momentum. While current levels are still below overbought territory, the upward shift in the RSI signals increased demand and could pave the way for additional upside potential.
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Also, the daily chart shows that Cardano is actively trying to get above the 100-day SMA, a key resistance level. Successfully surpassing this SMA could indicate a stronger bullish trend and boost investor confidence, attracting more buyers. If ADA removes this resistance, it could lead to a shift in market sentiment and more upside.
The RSI on the daily chart currently stands at 53%, indicating a bullish trend for ADA as it is above the critical threshold of 50%. This generally suggests that buying pressure is greater than selling pressure, reflecting strong momentum and traders’ growing optimism about ADA’s price. potential.
Support and resistance levels to watch in the coming days
On the upside, the resistance level at $0.4233 is crucial as this is a success outbreak above this point could indicate a stronger uptrend and attract more buying interest. Should the ADA breach $0.4233, the next significant resistance to monitor will be $0.5229. Clearing this level further amplifies bullish pressure, potentially leading to even higher price targets as market sentiment shifts favorably.
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Meanwhile on the disadvantageThe first support level to check if the bulls cannot maintain their momentum is $0.3389. A break below this level could lead to additional losses, potentially driving the price to the next support level at $0.2388, which could extend further towards lower support zones if selling pressure continues.
Featured image from iStock, chart from Tradingview.com
