Cardano In The Spotlight: Why The $0.6 Level Is Important To ADA

Quick Summary:

This suggests that ADA could soon bounce back up on a support level and resume its uptrend.  On the other hand, analyzing ADA’s price movement suggests a break to the downside could push it to as low as a final key support level at $0.32 and cancel all of the gains it made earlier in the month.

During this run, ADA surged from $0.3213 to $0.4545 within a week, representing an impressive increase of 41.5%.However, the $0.45 level acted as a significant resistance point, causing ADA to reverse and enter a consolidation phase between $0.45 and $0.40, which was followed by a recent breakdown below the support.  Related Reading: Will Bitcoin Reach A New All-Time High?

Related Reading: Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally Over the past five weeks, Cardano has been consistently shorted on exchanges.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: ADA Cardano price ADA price ADA news Cardano news Cardano Adausd ADAUSDT

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Article Type: News Report

Published On: 2024-07-25 @ 21:30:38 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 461 words

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Sentences: 66 lines

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Copyright Owner: © NewsBTC

News ID: 21778246

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