- Cardano holds strong above the $0.74 support level, with potential to rise 10% to $0.85 if momentum continues.
- Cardano risks a 10% drop to $0.65 if it falls below the crucial $0.74 mark amid increased trading activity.
Cardano (ADA) is at a critical juncture. The cryptocurrency trades near $0.77, down 3.25% over the past 24 hours. Despite this drop, trading volume has spiked by 45%, highlighting increased market activity. Traders and investors are closely watching this surge, anticipating significant moves in either direction.
Key Support and Resistance Levels
The $0.74 support level remains pivotal for ADA. Holding above it could spark a 10% rally toward the next resistance at $0.85. If bullish momentum persists, ADA could climb another 20% to reach $1.01 in the coming days.
However, if ADA breaks below $0.74, expect a sharp 10% drop to the $0.65 support level. The next few hours will be crucial in determining ADA’s short-term direction.
Technical Indicators: Ascending Triangle Pattern
ADA’s four-hour chart reveals an ascending triangle pattern, mirroring XRP’s bullish setup. This pattern often signals a potential breakout. If buyers gain control, Cardano could surge past resistance levels quickly. On the flip side, failure to hold the $0.74 support could invalidate the bullish outlook.
Investor Sentiment and On-Chain Data
Recent market events have influenced ADA’s price action. A $1.4 million hack on Bybit has prompted some investors to liquidate holdings. On-chain data from Coinglass shows exchanges received an inflow of $1.45 million worth of ADA in the past 24 hours. Such inflows often signal a potential sell-off, increasing downward pressure.
Cardano :What’s Next?
Today’s price action hinges on the $0.74 level. Holding above it may propel ADA toward $0.85 and beyond. Conversely, a drop below could lead to losses down to $0.65. With heightened trading activity and mixed market sentiment, ADA traders should stay alert for swift price swings.
