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Cardano has shown positive momentum recently, breaking key resistance levels. Can ADA break further resistance?
Cardano (ADA) has shown a solid performance recently, with the price fluctuating between $0.3958 and $0.4064 in the last 24 hours, reflecting a 1.5% increase. Currently, ADA is trading at $0.4027, just slightly off its peak. The price action indicates positive short-term market sentiment.
Looking at longer-term performance, Cardano has made a 7% increase in the past 7 days, which further indicates the gradual recovery after a period of stagnation. Over the past 14 days, the crypto has risen by 9.9%, reinforcing the positive outlook. Where’s ADA price headed?
Cardano Challenges Crucial Resistance
A TradingView chart shows Cardano breaking through a key Fibonacci retracement resistance zone. The Fibonacci levels show a recent high of $0.6067 to a low of $0.2783. The price has broken the 1 Fibonacci level, which sits at $0.4037, a potential resistance point.
If ADA continues to rise, the next significant resistance is at the 0.786 level, around $0.4472, and ultimately, the 0 level at $0.6067. On the downside, if ADA faces a pullback, the 1.618 Fibonacci level at $0.2783 offers initial support. Ultimately, the $0.2783-$0.4037 range could act as a solid support zone in case of a correction.
Looking at the Rate of Change indicator at the bottom, the value of 8.56 indicates positive momentum. However, the ROC is facing downwards, suggesting that the momentum could be weakening.
Cardano Liquidation Data
Elsewhere, the latest Cardano liquidation data for Cardano reveals significant trading activity, particularly within the last 24 hours. A total of $1.50 million in liquidations has occurred, with the majority coming from long positions ($978.7K). Short positions have also seen notable liquidations, amounting to $525.1K.
Looking at the shorter time frames, the 1-hour and 4-hour liquidations show that long positions dominate, with $47.29K and $56.77K in long liquidations, respectively. On the other hand, short liquidations are minimal, indicating that traders are primarily betting on upward price movements. The 12-hour rekt data show short liquidations at $233.61K and long liquidations at $659.99K.