Cardano Surges 5% to Retest $0.66 Resistance Level
Cardano (ADA) has experienced a 5% increase, reaching the $0.66 resistance level. This surge follows Bitcoin's price movement and marks an attempt to break this key level for the third time in April.
Key Developments
- ADA is recovering from a downtrend after reaching a three-year high of $1.32 in December 2024.
- The cryptocurrency retraced over 50% in four months, dropping to the $0.50-$0.55 range by early April.
- In March, ADA surged 80% to $1.17 following U.S. President Trump's announcement of a "Crypto Strategic Reserve."
- Analysts indicate a breakout from a symmetrical triangle pattern, suggesting a potential 27% move toward $0.77.
- ADA is consolidating within a descending channel, with analysts forecasting a retest of the $0.80 range soon.
- Historical patterns suggest that if ADA breaks out and follows previous cycles, it could reach a new all-time high (ATH) around August.
- Resistance is noted around the $3 mark, where significant selling regret exists from the last cycle.
