Cardano’s native token ADA has shown strong momentum, pushing toward a critical resistance level. A breakout is likely as the price tests this key area. As the uptick movement awaits, Cardano reported a slight decline of $0.73% leading to a price value of $0.6425 in the last 24 hours.
ADA trading setup: Key resistance level and potential breakout
TraderTardigrade observation hints at a probable pullback to a previous low, specifically at $0.6422, which could present a new entry point. The current resistance level suggests that ADA could face resistance in maintaining traction unless momentum continues to build.
A pullback to $0.6422, where a previous swing low was established, might offer traders a good opportunity to enter long positions. If Cardano holds support at $0.6422, the target for this trade is $0.73, which is the previous consolidation level. This target aligns with the current market structure, offering a reasonable upside potential.
According to the analysis, a key resistance level is observed at $0.6556, with the price trying to break higher. The observed long entry is at $0.6422, and the target price is set at $0.7300. The observation reflects an upward movement supported by a potential breakout above the resistance. The volume and price actions are showing signs of momentum, indicating a bullish bias. The trading setup indicates a possible price increase if the resistance is breached, aiming for a higher target.
Cardano’s current market performance revealed
Despite the anticipated movement, Cardano tends to be trading in a opposite movement coupled with a slight decline. According to CoinMarketCap data at the time of press, Cardano exchanged at a price value of $0.6425 noting a 0.73% dip in the last 24 hours. The market cap stands at $22.67 billion, while the 24-hour volume is $713.85 million.
The current total tokens in supply sits at 35.28 billion ADA out of a total supply of 44.99 billion. From the price chart, it is seen that Cardano has been in a varied market movements with price trends ranging from $0.6400 and $0.6472 coupled with market consolidation.
