Cardano price primed for significant surge as key levels remain supportive

Cardano (ADA) appears to be gearing up for a potential breakout, with traders keeping a close eye on critical support and resistance levels that could determine the direction of the coin’s movement in the near future. Despite recent pullbacks, Cardano’s bullish market structure seems to be holding firm, showcasing higher lows and maintaining key support levels.

Trader @GunsRoses1987 highlighted the importance of ADA maintaining support above $0.68, as this would indicate a bullish scenario that could lead to a significant upward surge in price. The stage seems to be set for a potential major rally if ADA manages to stay above this crucial support level.

The primary obstacle for Cardano at the moment is overcoming the resistance at $1.18. This level has proven to be a significant barrier in the past and needs to be flipped into support to pave the way for further gains. Technical analysis points to an Elliott Wave pattern, suggesting that ADA might be gearing up for its fifth impulsive wave, typically associated with robust price movements. If buyers are successful in pushing past $1.18, potential targets include $1.40, $1.80, and beyond.

Investor sentiment surrounding Cardano remains cautiously optimistic, with many closely monitoring the coin’s price action. Historically, Cardano has displayed strong rallies once it breaks through key resistance levels, underscoring the critical nature of flipping $1.18 into a support zone. With support at $0.68 and potential breakout above $1.18, ADA could be on the brink of entering a parabolic phase, with targets extending beyond $1.80. However, failure to hold these levels could result in a delay in the anticipated rally, keeping ADA within its current trading range.

All eyes are on Cardano’s ability to surmount the $1.18 resistance level, as traders brace themselves for a potentially explosive move in the near future. Cardano’s performance in the coming days will be crucial in determining whether the coin can sustain its bullish momentum and embark on a significant upward trajectory.