Cardano The price followed a mixed trend throughout September, mostly fluctuating within a narrow band on the daily chart. With increasing selling pressure, it repeatedly encountered resistance near $0.26 and found consistent support near the $0.24 level. The recent downtrend in the broader crypto market has pushed ADA to once again test its long-standing support at $0.24, signaling another potential bounce.
Cardano Will the Price Defend $0.24?
- A breakout of the uptrend from the resistance trend line would be an early signal for a trend reversal.
- $0.24 remains a strong support zone for Cardano investors.
- The intraday trading volume on ADA coin is $87 Million, indicating a loss of 23%.
On September 28, ADA price found resistance from a descending trend line, a key feature that led the recent corrective phase. Over the past week, this downward pressure has been altcoinIt caused it to lose 5% of its value, pushing it towards the $0.24 support zone.
This particular support level has remained solid for nearly three years and has become a key accumulation point for investors. The last daily candle indicates a neutral stance with a modest gain of 0.4%. This suggests that the strong bearish trend may dissipate as traders notice renewed buying interest around $0.24.
If this buying pressure continues, ADA price may attempt to break out of the descending resistance trend line, potentially signaling the beginning of a bullish recovery.
Koinfinans.com As we reported, if Cardano manages to break through this key resistance, buyers could push prices upward by roughly 6%, targeting the key resistance at $0.25. A continuation of this upward move could propel the coin further towards the $0.28 mark.
Price behavior in the last six months, Bitcoin It showed weakness in Cardano compared to its price. While BTC has been trading sideways for the last six months, ADA price has witnessed a steady downtrend. This established downward trajectory suggests that it is a risky asset to invest in.