Cardano

Date: Mon, Dec 02, 2024, 10:55 AM GMTEarlier today, the cryptocurrency market witnessed a <a href="https://coinsprobe.com/xrp-becomes-third-largest-cryptocurrency-after-massive-pump-what-to-expect-ahead/" rel="noopener noreferrer nofollow">bullish rally</a>, with several major altcoins gaining traction. Cardano (ADA), one of the top-performing altcoins, surged over 10% to reach a high of $1.19. However, the market has since experienced a correction, and ADA is now trading at $1.07, marking a retracement of its earlier gains and a decline of 0.48%.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c456f55d88f945ca842441bc23446be9.png" />Source: Coinmarketcap<h3 id="pulls-back-to-key-support">Pulls Back To Key Support</h3>During this correction, ADA has pulled back to a critical ascending trendline support around $1.07. This trendline has consistently provided a foundation for ADA&#39;s bullish momentum, and the current pullback represents a 10% correction from its daily high.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/584d2e2ead8a402fbf281c66cc9cfa5e.png" />The $1.07 level is crucial. If ADA manages to hold this support, it could bounce back toward the resistance zone near $1.15. This range remains a key area to watch, as it could pave the way for ADA to retest its recent highs of $1.19.However, in the case of a breakdown below $1.07, the next potential support levels are identified at $1.03 and, further down, $0.97. A failure to hold $1.03 may indicate a deeper retracement, pulling ADA closer to its previous accumulation zones.<h3 id="can-it-bounce-back">Can It Bounce Back?</h3>As of now, ADA is showing signs of strength around the $1.07 trendline, suggesting the potential for a reversal from this level. If buyers step in and sustain momentum, the price may push back toward the upper trendline resistance of $1.15-$1.19. However, traders should watch for signs of weakness or lack of volume at this level, which could indicate the risk of further downside.<h3 id="conclusion">Conclusion</h3>Cardano&#39;s ability to hold the $1.07 ascending support is key to determining its short-term trajectory. A bounce from this level could renew bullish sentiment, while a break below could open doors to deeper corrections. Traders should closely monitor these critical levels and remain cautious amid market volatility.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/litecoin-ltc-resembles-past-bull-run-pattern-is-a-big-rally-on-horizon/" rel="noopener noreferrer nofollow">Litecoin (LTC) Resembles Past Bull Run Pattern: Is A Big Rally On Horizon?</a>

Cardano (ADA) Pulls Back To Key Support Following Correction: Can It Bounce Back?

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