As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of rallies and corrections. This current Cardano rally is no exception – it’s been an interesting ride so far. The price surge from $0.31 to $0.37 was impressive, but alas, resistance levels are not just speed bumps in the road to success. Sellers have re-emerged and halted the momentum at the key resistance level of $0.37.
Cardano rallied earlier this week, but now the price has hit a key resistance.
Key Support levels: $0.31
Key Resistance levels: $0.37
1. Resistance Stops the Rally
Starting from September 7th, the price experienced an uptrend that propelled it swiftly from the 31-cent support level towards the significant resistance at 37 cents. However, as Cardano’s price got close to the key resistance, buyers started to exit and reversed the trend into a corrective phase.
2. Short-Term Momentum is Bearish
Over the past couple of days, the trend on shorter timeframes like 12 hours or 4 hours has shifted negatively, indicating a potential drop. But it’s important to note that this downtrend might not persist and there’s a possibility we could see the price rebound around 34 cents before attempting another push to break through the significant resistance level.
3. Buyers Still Dominate on Weekly
On a weekly basis, the buying activity stays robust as it’s been dominant for four out of every five weeks so far. Even with this recent dip, there’s a possibility that the bullish trend could resume. A clear sign of this would be if the price surpasses 37 cents.
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2024-09-15 12:17