Cardano (ADA) has recently demonstrated a significant resurgence, capturing market attention with a notable price increase. This bullish sentiment signals a potential shift in momentum, with analysts closely examining various timeframes to predict its trajectory and identify key support and resistance levels.
Immediate Market Movements & Short-Term Outlook
ADA has recorded an impressive 7.31% gain today, successfully breaching a critical local resistance level at $0.3675 on the hourly chart. This strong performance suggests that if bulls maintain their current momentum, Cardano could potentially climb towards the $0.38 zone over the upcoming weekend. The immediate outlook points to continued upward pressure.
Mid-Term Projections & Accumulation Phases
While the daily chart shows ADA rising after a positive close, there's a likelihood that buyers might need additional time to consolidate energy for a sustained push. This could lead to a period of sideways trading, potentially within the $0.36-$0.3750 range until the week concludes. From a midterm perspective, ADA recently made a false breakout of the previous weekly candle low. If the current weekly bar manages to close strongly above this mark, there's an increased probability of a bounce towards the $0.40 zone, indicating a potential longer-term recovery. At press time, Cardano is trading at $0.37.
