Cardano (ADA) price aims for $0.82 breakout with bull dominance on 4-hour chart
Cardano (ADA) is demonstrating robust bullish momentum, aiming for a breakout above the $0.82 mark, as observed on the 4-hour chart. The bulls are determined and focused on achieving this goal.
At the moment, Cardano (ADA) is holding strong above the $0.80 level, indicating considerable buying pressure in the market. The coin is currently trading at $0.8011, posting a 0.84% gain within a 24-hour period. This recent upswing from the support level at $0.7759 to a peak of $0.8174 signifies a substantial level of confidence among buyers.
Market sentiment is significantly in favor of the bulls, with 59.21% of buyers actively participating compared to 40.79% of sellers. The prevailing sentiment points towards institutional investors accumulating ADA, which could potentially drive the price further upwards.
Key Price Levels to Watch:
A critical resistance level has formed at $0.8174, representing a crucial tipping point for ADA’s trajectory. The bulls have been making repeated attempts to breach this level, and a decisive breakout above it could pave the way for a rally towards $0.8200 and even $0.8350 in the short term. Given the resilience of this resistance barrier, a successful breach would be a significant technical development for ADA.
Market participants are closely monitoring trading volumes around the pivotal $0.8174 mark. A clean breakout above this level, accompanied by strong buying volume, would signal genuine strength in the market, potentially setting the stage for further upward movement towards the psychological barrier at $0.85. Despite the upward momentum, the daily RSI levels indicate that there is still room for additional gains without entering overbought territory.
On the downside, strong support is seen at $0.7900, a level that has recently proven to be a robust support zone during market pullbacks. This support aligns with the 50-day moving average, offering a solid technical foundation in case of increased selling pressure. Further support levels are evident at $0.7750 and $0.7600, providing additional safety nets for long positions.
Maintaining the crucial psychological level of $0.80 is imperative for sustaining the bullish momentum. A significant drop below this level could shift the sentiment in the market and potentially push ADA towards the $0.75-$0.77 range, where previous consolidation phases have occurred.
In conclusion, Cardano (ADA) is at a critical juncture, with $0.8174 serving as a pivotal point for future price action. The technical setup appears favorable, but ADA needs to demonstrate conviction in breaking through this resistance level.
Failure to breach $0.82 could result in sideways movement or a retracement towards the $0.79 support zone. The upcoming trading sessions will likely provide clarity on the short-term direction of ADA, depending on the coin’s ability to overcome this significant obstacle.
