Cardano’s (ADA) Bullish Run Hits a Strong Wall at $0.6500

In recent times, Cardano Bulls have been on a strong run. For several sessions, upward momentum has propelled the market higher, breaking through multiple resistance levels. However, over the past three sessions, the market has once again tested the $0.6500 resistance level but lacked the momentum to break through.

ADA Statistics:

Cardano Price: $0.5859

Cardano Market Capitalization: $21.33B

ADA Circulating Supply: 35.02B

ADA Total Supply: 44.99B

Cardano CoinMarketCap Rank: 9

Key Price Levels:

Resistance: $0.6500, $0.7000, $0.7500

Support: $0.5500, $0.5000, $0.4500

ADA Sees Modest Gains

Following the strong downward rejection that occurred in the Cardano daily market over the past three sessions, buyers appear to be taking advantage of the dip as the market has started to record a modest upward retracement. Price action has rebounded off the support at the $0.5500 level.

Meanwhile, this price level is situated a considerable distance above the Interacting Moving Average (MA) lines. Additionally, the Stochastic Relative Strength Index (Stochastic RSI) is showing signs of a bullish crossover around the 80 mark of the indicator. The most recent price candle contracted downward after testing the $0.6000 resistance level, but since it remains green, traders can anticipate the upside retracement continuing.

Cardano Price Action Tries to Sustain Above Key Levels

Shifting to the ADA 4-hour market, price action appears more detailed. Here, price action has taken off from the support at the $0.5500 price level. The upward retracement has continued for three sessions, and the current session has seen the market rebound clearly off the $0.6000 resistance.

Although the market remains above all the MA lines and just above the 20-day MA line, the Stochastic RSI lines are still maintaining an upward trajectory with a slight deflection on the leading line of the indicator. Considering these positive signs, traders can hope that crypto signals aiming for a breakthrough of the $0.6000 level toward the $0.6500 resistance will eventually prevail.

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