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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cardano Moves Toward $0.4233, Will ADA Maintain Its Uptrend?

Godspower Owie
Godspower Owie
1 year ago
2 mins read
Cardano

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Cardano (ADA) lately has been steadily climbing toward the $0.4233 resistance level. This upward movement which has persisted for a while now is raising curiosity among market participants as to whether the crypto asset can continue to maintain its bullish momentum and break through this significant resistance level. 

Also, Cardano’s recent price performance has showcased its potential for further growth. As ADA continues to maintain its steady upward trajectory, this article delves into exploring this current price action and analyzes technical indicators to determine if the crypto asset can hold its gains and push beyond the $0.4233 resistance mark or face a pullback and begin the drop again.

With a market capitalization of more than $14 billion and a trading volume of more than $304 million as of the time of writing, the price of Cardano is currently down by 1.82%, trading at around $0.4008 in the last 24 hours. ADA’s market cap and trading volume are currently up by 1.73% and 41.13% respectively.

Assessing ADA’s Potential To Break Through $0.4233

Currently, on the 4-hour chart, the price of ADA is gradually rising with steady momentum and making a move with strong bullish momentum toward the $0.4233 resistance mark. Furthermore, it is evident that the cryptocurrency asset has broken above the 100-day Simple Moving Average (SMA).

Cardano
Source: ADAUSDT on Tradingview.com

The formation of the 4-hour Relative Strength Index (RSI) also suggests a continued steady bullish rise for ADA’s price toward $0.4233 as the signal line of the indicator has been maintaining a constant movement above 50% and is attempting a move into the overbought zone.

On the 1-day chart, although the crypto asset price is still trading below the 100-day SMA, it has been on a steady rise toward the $0.4233 resistance mark. If this upward momentum persists, Cardano could reach this mark and break through it.

Cardano
Source: ADAUSDT on Tradingview.com

Lastly, an analytical examination of the formation of the 1-day RSI reveals that Cardano could sustain its bullish momentum and attain the $0.4233 mark as the signal line of the indicator has risen above 50%. 

Can Cardano Sustain Its Momentum?

If Cardano can maintain its current bullish momentum to reach the $0.4233 mark and close above, it may continue to move upward to test the $0.5229 resistance level. When this level is breached, the digital asset may experience further price gain toward the $0.6822 resistance level and possibly other levels above.

Conversely, If ADA’s price faces a pullback at $0.4233, it will start to decline once more, heading back toward the $0.3389 support level. Furthermore, Cardano may see further price decline to test the $0.2388 support level and perhaps other levels below if this $0.3389 point is broken.

Cardano
ADA trading at $0.3989 on the 1D chart | Source: ADAUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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