Cryptocurrency Cardano (ADA) is showing potential for a bullish breakout after weeks of consolidation, according to analysis. As of March 17, ADA is trading at $0.2823 with a market capitalization of $10.33 billion and a 24-hour trading volume of $1.45 billion, marking a 1.34% gain. Analysts indicate a confirmed move above the $0.304 resistance could target liquidity gaps at $0.338 and $0.376.
Cardano (ADA) is showing early signs of a possible bullish move after several weeks of sideways trading. The token gained 1.34% in the past 24 hours to reach $0.2823.
Crypto analyst Ali Charts noted that ADA faces key resistance at $0.304 after 45 days of sideways price action. A move above this level could trigger renewed upward momentum.
If breached, ADA could rapidly move toward liquidity gaps at $0.338 and $0.376. This potential breakout could signal the end of its consolidation phase.
Analysts indicate that a confirmed breakout requires a daily close above $0.31, a break through the descending trendline, and a close above the 20-Day Simple Moving Average. Achieving this could see ADA rise rapidly towards $0.332 and $0.377.
On the downside, inability to break $0.30 could see ADA fall back towards $0.27. The support at $0.24 is viewed as the last level before a potential drop towards $0.22.
Although ADA has seen gains, the overall market sentiment remains cautious as it respects a rising trendline around $0.24. This indicates the overall trend is still in a consolidation phase.
