Cardano (ADA) Puts Pressure on $0.3 in a Developing Bullish Trend
ADA, Cardano’s native cryptocurrency, is attempting a recovery after falling to a yearly low of $0.220 on June 12, 2023. The price slump pushed ADA below significant support at $0.3, flipping the level into the key resistance. However, a surge from the year’s low price returned the price to the resistance, with the price attempting to climb above it.
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The ADA/USD 4-hour chart on TradingView provides a clear picture of ADA’s attempt to recover its bullish momentum by climbing above the $0.3 price. The price has tested the resistance at that price multiple times, and for each of the tests, ADA failed to break above $0.3.
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ADA/USD 4-Hour Chart (Source: TradingView)
Despite being rejected at the $0.3 price level, there is a significant development in ADA. A closer look at the 4-hour chart shows that while ADA appears to trend sideways, it is printing a series of higher lows. Such price behavior indicates a growing momentum among the bulls. They are preventing ADA’s price from falling lower, dissipating the bearish pressure on the digital asset.
It also suggests a developing bullish sentiment piling pressure on the resistance at $0.3. Considering the relative free pass above this level, a break above could inspire an ADA price surge toward $0.35 and above.
Apart from the technical indicators, other developments around Cardano suggest the project could be entering a significantly bullish phase. One such development is the continued growth of the Cardano DeFi ecosystem. As per DeFiLlama, Cardano’s total value locked (TVL) is increasing. At the time of writing, its value stood at $166.2 million, having recovered from a drop to $130.51 million on June 11, 2023.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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