The crypto industry has recorded a massive price action since the start of the month as top coins have added significant value to their respective portfolios. Market leader, Bitcoin continues to hold its price above the $44,000 mark with the ETH price above $2,350, indicating a strong bullish sentiment in the crypto space.
The CardanoADA price has successfully breached its key resistance level of $0.5 after a three-month-long wait. The price experienced a surge following the increased whale wallet activities in recent times.
The ADA price started trading in November in a closed range between $0.2869 and $0.3133, following which the market gained momentum and the price surged.
Cardano’s ADA price jumped over 26% in one week, after which the price faced rejection at $0.3955. The price then traded in a consolidated range between $0.3493 and $0.3955 for the rest of the month.
After multiple failed attempts, the bulls successfully broke out of the resistance level at $0.3955 and displayed a jump of 14% in value, before facing rejection at $0.1514. The Cardano price traded sideways for a while.
Recently, the price regained momentum and displayed a notable jump of 26%, before facing rejection at $0.5729. Since then, the price has been trading in a range between $0.5309 and $0.5729.
The Moving Average Convergence Divergence (MACD) has displayed a constant green histogram since the month started, indicating a massive bullpower in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.
If the bulls hold the price above the support level of $0.5309, the ADA price will regain momentum and prepare to test its resistance level of $0.5729. Further, if the market holds the price at that level, the Cardano coin will attempt to test its upper resistance level of $0.600 over the weekend.
Conversely, if a trend reversal occurs and the price fails to hold its value above the $0.5309 level, it will lose momentum and fall to test its support level of $0.4514 in the coming days. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $0.3955 this month.
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