Cardano price is up 1.34% to $0.821 on May 13, according to CoinDesk data. The cryptocurrency has seen significant gains in recent weeks, with a major breakout move to $1.137 potentially on the horizon.
Technical Analysis
- An inverted head and shoulders pattern has formed on the chart, which could lead to further gains if broken through successfully.
- The ADA price faces short-term resistance near $0.837, resulting in a consolidation stage that hampers the inverted head and shoulders breakout rally seen on the four-hour ADA chart.
Analysts believe that if Cardano successfully breaks through this resistance level, it could lead to significant upside momentum for its price action moving forward into June.
Key Support and Resistance Zones
Investors are advised to keep an eye on these key support and resistance zones closely, as they provide crucial levels where bulls and bears can take control of market sentiment once again.
- The current uptrend is expected to continue, with a major breakout move potentially happening soon.
- Cardano’s price has surged by almost 2% this week and maintained its upward momentum after a 19% surge last week.
According to analysts at CryptoSlate, if Cardano breaks through the resistance level, it could lead to significant upside momentum for its price action moving forward into June.
Investors should not only watch for potential breakouts but also be aware of key support and resistance zones, as they are critical for market sentiment.
Recent Trading Range
The ADA/USD pair had been trading within a narrow range between $0.74 and $0.84 since April 25th.
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