Ranked among the top-performing altcoins earlier this month cardanomay be preparing for a rally where it will make a strong rise again. ADA tried to come to the fore in the first week of June, the turbulent period in the crypto money markets, and brought many technical updates. Traders are already taking part in the discussions about when the next rally will take place.
Could Cardano Price Be The Next Support At $0.60?
Cardano price momentum seemed solid earlier this week after hitting the $0.50 area, but it declined slightly towards the $0.44 level. leading trader Michael van de Poppe On the other hand, he announced that he expects a recovery at the level of $ 0.46 or a bounce to $ 0.51 and above after the decline.
However, Cardano bounced back to the $0.45 level before regaining the breakout $0.50 range. The trader is waiting for the breakout to occur and the momentum to extend into the $0.60 region.
“ADA price failed to break the resistance in one go and opted to retest the lower bounds for a support zone. It bounced off that area and is currently battling resistance, expecting a sustained break above $0.60.”
Although Cardano price seems to be preparing for an increase in the near future, there is also the possibility of making a short adjustment before the price increase. Altcoin Hunter shared a tweet explaining that he predicts the price could go higher ahead of consolidation.
“The Cardano bulls are now under control. The price is trading at $0.46 and will go higher. For ADA, resistance lies at $0.48. However, traders should be cautious as prices may consolidate before making another move.”
By the way, Cardano price It has maintained its upward trend in the last 18 hours. According to CoinMarketCap, the ADA price has soared 7.09% in the last 24 hours to as high as $0.5056. With a market capitalization of $16.95 billion, it ranks 8th among cryptocurrencies.
Cardano managed to surpass XRP after a surge in trading volume last month.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.