Cardano (ADA) has been one of the best performing top altcoins seen throughout 2020, only trailing the gains posted by Chainlink and Tezos
The crypto has been seeing heightened momentum in recent weeks due to the launch of the highly anticipated Shelley mainnet upgrade
This update’s rollout coupled with a few positive news developments have bolstered its buyers
Despite showing signs of overt strength, ADA is currently pushing up against a significant resistance level
This has caused it to flash some warning signs that are leading some analysts to grow increasingly cautious on its near-term outlook
Cardano (ADA) has posted an intense rally independent of the aggregated cryptocurrency market over the past few weeks.
This rally hasn’t been unwarranted either, as the release of the long-awaited and much-delayed Shelley mainnet has been fanning the flames guiding the cryptocurrency’s recent uptrend.
Cardano now appears to be navigating into a massive resistance region that has been holding strong for the past couple of days.
If buyers are unable to surmount this resistance, it could confirm a few bearish signs that analysts have been watching – indicating that a retrace could be imminent.
Cardano Navigates into Heavy Resistance Following News-Based Rally
At the time of writing, Cardano is trading up nearly 4% at its current price of $0.10.
From a weekly perspective, this marks a massive climb from a low of $0.08 that was set just a few days ago and an even larger climb from its June 27th low of $0.075.
The cryptocurrency has been trending higher over the past few months, posting consistent gains despite Bitcoin’s multi-month bout of sideways trading.
BTC began consolidating between $9,000 and $10,000 in early May, at which point Cardano was trading at under $0.05. From here, ADA slowly climbed higher until it incurred parabolic momentum in late-May.
It now appears to be facing some heavy resistance at just above its current price level, which is a price region that analysts have been watching for quite some time.
Because this is a news-driven rally, fueled by the Shelley mainnet rollout and the imminent addition of ADA staking capabilities to Coinbase Custody, it is possible that it will prove to be more sustainable than hype-induced movements.
ADA Flashes Some Bearish Divergences as Analysts Grow Cautious
From a technical standpoint, analysts are growing cautious about where Cardano trends next.
One trader explained that he isn’t quite ready to “fade” ADA despite it posting some bearish divergences due to its underlying strength, but he is closely watching its reaction to its current resistance.
“There are some HTF bear divs developing but I wouldn’t fade coins that showed multi-week strength. Take profits, don’t blindly short alts just because they kept on dying the last 2 years,” he said while pointing to the chart seen below.
Image Courtesy of Crypto Rangutang. Chart via TradingView.
Unless IOHK – Cardano’s parent company – releases more positive news in the week ahead, ADA’s parabolic rally may begin slowing.
Featured image from Shutterstock.
Charts from TradingView. origin »
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Crypto fans on Reddit are debating the best altcoins to buy under $1 for 2025, and analysts have spotlighted three names. Cardano (ADA) and VeChain (VET) lead the conversation, but many eyes are shifting to a rising star — MAGACOIN FINANCE — which some are calling the hidden gem analyst pick. Cardano ADA: Can it […]
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Cardano (ADA) has staged an impressive rebound, posting an 8% monthly gain as traders eye its next major move. At the time of writing, ADA trades at $0. 887, testing a key resistance zone between $0.
Cardano price continued its strong rebound today, Sept. 9, reaching its highest point since August. Technicals point to further gains in the coming week as the deadline for ADA ETF approval approaches.
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Key Takeaways
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Cardano (ADA) has been experiencing a persistent downside trend since the start of 2023; the selling pressure has increased in the past week. However, network development continues to grow and could hint at a reversal for the cryptocurrency.
After losing the crucial $0. 34 price support, Cardano (ADA) has experienced a significant downtrend. In the past 24 hours, ADA has declined by 1. 6%. On the weekly chart, ADA has struggled to recover from an over 8% depreciation.
Cardano’s native token, ADA, has been significantly affected by the recent downturn in the cryptocurrency market, experiencing a notable decline in price. Despite a recent surge of over 6% in the last 24 hours, the bearish sentiment continues to exert its influence.
The Cardano (ADA) price experienced a decline, breaking below the $0. 33 level. This downward movement has resulted in bears gaining control of the market. ADA has lost around 4% of its value in the past 24 hours and has seen a weekly plunge of approximately 10%.
The Cardano price has consistently remained below the $0. 38 zone for the past two weeks, indicating a strong presence of sellers in the market. Despite attempts by buyers to regain strength over the past month, their efforts have been feeble, unable to overcome the bearish sentiment.
The price of Cardano has been following a bearish trajectory for the past couple of weeks. However, in recent trading sessions, there were bullish attempts as buyers tried to push the price higher.
