• Cardano price has seen a 24% gain over the past week but slipped 2% over the last 24 hours.
• Technical outlook indicates that the altcoin’s price will trend lower after a brief retracement.
• ADA needs to sustain itself above the $0.28 price line to stop its downward movement.
The Cardano (ADA) price has seen significant gains over the past week, increasing by 24%. However, the coin recently slipped 2% over the last 24 hours, indicating that it could not sustain its weekly gains. This fall in demand is a result of the Cardano price correcting itself, and buyers continued to have the upper hand, as the market capitalization of Cardano increased. The technical outlook points towards a bullish pattern, suggesting that ADA could attempt to rise on its chart after a brief retracement.
For Cardano to stop its downward movement, the coin has to sustain itself above the $0.28 price line. At press time, Cardano was trading at $0.30, having recently fallen from the $0.31 mark. The overhead resistance for the Cardano price is at $0.33, and if ADA can break this barrier, it could recover significantly.
In order to maintain its current gains, Cardano needs to see a consistent increase in demand. As Bitcoin continues to post appreciation in the last 24 hours, many altcoins, including Cardano, are attempting to rise on their charts. However, some altcoins are struggling to break their crucial resistance levels. If Cardano can sustain itself above the $0.28 price line and break the $0.33 mark, it could potentially see a surge in prices.
Overall, Cardano’s recent price movements have been promising, and if ADA continues to see a consistent increase in demand, it could potentially break through its crucial resistance levels and post significant gains. The bullish pattern indicates that Cardano could attempt to recover after a brief retracement, and if the coin can break the $0.33 mark, it could mark the beginning of a new wave of growth for the altcoin.