Cardano

Major

Rekt (rektarb.xyz)

Rekt

<p>The price of Cardano has been breaking through a major resistance on the monthly time frame. Rekt Capital made this update on Wednesday.</p> 
<p>The last time the price reached this level, eight months ago, it triggered a major bearish decline of more than 60%. Now that the price is breaking above this level again, we need to see a close above the resistance for the chance of a major rally.</p> 
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<p>Based on <a href="https://x.com/rektcapital/status/1859241355790156133?s=46" target="_blank" rel="nofollow">Rekt Capital’s </a>analysis, the $0.72 level, which is the black line in the chart, must hold as strong support for <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank">Cardano’s ADA price</a> to start a new uptrend.</p> 
<p>On the other hand, if the price fails to close above this level, we could see a decline to around $0.24, which is where the next support lies on the monthly timeframe.</p> 
<h2 class="wp-block-heading" id="possible-retracements-following-strong-ada-rally">Possible Retracements Following Strong ADA Rally </h2> 
<p>Looking at the daily timeframe, Cardano’s price has been breaking new heights with a close to 150% increase in the past 2 weeks. The price reached $0.84 yesterday, which was the first time since May 2022, 30 months ago. </p> 
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/why-is-flokis-price-pumping-major-exchange-listing-today-hints-at-all-time-high/" target="_blank">Why Is FLOKI’s Price Pumping? Major Exchange Listing Today Hints at All-Time High</a></em></strong></p> 
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 <img loading="lazy" decoding="async" width="1024" height="480" src="https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-1024x480.png" alt="" class="wp-image-585591" srcset="https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-1024x480.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-300x141.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-768x360.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-1536x720.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-2048x960.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-320x150.png 320w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-100x47.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-746x350.png 746w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719-788x369.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-719.png 1815w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>As the price continues to break new heights, traders will need to be on the lookout for possible retracements and strong resistance that could affect short- and medium-term rallies.</p> 
<p>Currently, the Relative Strength Index is at 80, which also shows that the price is overbought. This could also be interpreted as a pullback being on the way to the nearest support levels.</p> 
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<p>The post <a href="https://captainaltcoin.com/cardano-ada-to-kickstart-new-uptrend-if-price-closes-above-this-key-level/">Cardano (ADA) to Kickstart New Uptrend if Price Closes Above This Key Level</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Cardano (ADA) to Kickstart New Uptrend if Price Closes Above This Key Level

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