- Cardano holds strong at the $0.74 support level, with potential to surge to $0.85 if maintained.
- Cardano risks a drop to $0.65 if it fails to hold above the crucial $0.74 mark.
Cardano (ADA) clings to the crucial $0.74 support level. This mark serves as a pivotal point. If ADA maintains this level, it could rally by 10% and hit the next resistance at $0.85. A drop below $0.74, however, might drag it down to $0.65, marking a similar 10% decline.
Despite market-wide pullbacks, ADA’s resilience above $0.74 gives bulls a glimmer of hope. Interestingly, its four-hour chart mirrors XRP’s bullish pattern.
Current Market Momentum
At present, ADA trades near $0.77, down 3.25% in the last 24 hours. Yet, trading volume has jumped by 45%, showing increased market activity. This surge in volume reflects heightened trader interest despite the slight price dip.
Bullish vs. Bearish Scenarios
The $0.74 level remains the make-or-break zone. If Cardano holds firm, a 10% surge to $0.85 is possible in the short term. Should the bullish trend gain momentum, ADA could even aim for $1.01 in the coming days, marking a potential 20% rally.
On the flip side, if ADA fails to maintain the support and closes a four-hour candle below $0.74, bears could push the price down to $0.65.
Adding to the bullish outlook, ADA appears to form an ascending triangle pattern, a setup often hinting at upward price moves.
$1.45 Million ADA Inflow Raises Eyebrows
In the past 24 hours, exchanges recorded a $1.45 million ADA inflow. Such movements typically signal potential sell-offs. This development coincides with investor reactions to the recent $1.4 million Bybit hack, prompting many long-term holders to offload their tokens.
Cardano stands at a decisive juncture. Holding the $0.74 support could spark a climb to $0.85 or even $1.01. But slipping below this key level might lead to a quick drop toward $0.65. With rising trading volumes and significant on-chain activity, ADA’s next move could be just around the corner. Traders should stay alert and watch these critical levels closely.
