Cardano (ADA) again comes close to a pivotal resistance point. The price has hit this level more than once in recent weeks, but has not been able to break through each time.
Market observers are closely watching. Many are waiting to see a definitive move above $0.74 or a fall below the support level to decide on the next move.
ADA is currently trading at $0.7120. The 24-hour volume is $828.19 million, while the market cap is $25.14 billion. The price exhibits short-term stability. It also reflects increasing bullish momentum.
ADA has risen from $0.6856 to more than $0.72 in 24 hours alone. Such a spike comes in the wake of a golden cross on the daily chart.
A golden cross happens when a short-term moving average crosses from below to above a long-term moving average. It tends to indicate a change to a bullish trend.
A crypto analyst, Ali, noted that ADA has its toughest challenge ahead of it now. When the price surpasses $0.74, it might open a move towards $0.88. It represents a strong psychological as well as technical resistance level.
Cardano triangle pattern signals potential surge
A chart posted by analyst Ali on April 28 demonstrates ADA creating a descending triangle. It leads to breakouts more frequently than not. It takes months, beginning around late 2024, to form a triangle.
The price has fluctuated between $0.60 and $0.80, where resistance slopes downwards, and support has been around $0.67.
Volume surges have been apparent during recent rallies. It reflects increased interest as the asset approaches the upper limit. The 9-day simple moving average is increasing. The RSI at 58 reflects strength but not yet overbought levels.
Futures data also supports this perspective. Perpetual contract volumes have risen, indicating that traders are positioning themselves in anticipation of a potential breakthrough.
For now, ADA continues to trade in a narrow range. Traders are watching two levels: $0.74, the point of a potential break, and $0.67, a level of key support. A move above either would determine the mood in weeks to come.
