Cardano (ADA) has experienced an impressive surge recently, climbing over 11% and reaching a high of $0.61. However, the cryptocurrency is consolidating today, trading at $0.5789, down 1.91%. The retreat occurs as Bitcoin hits $81,000, causing volatility throughout the cryptocurrency market.
The daily chart reveals a bullish structure despite today’s minor correction. Here are the critical levels to monitor:
The recent price movement of Cardano indicates that a phase of consolidation could be happening. Provided ADA stays over $0.50, the positive sentiment continues to hold. Nonetheless, a definitive rise beyond $0.6135 is required for the rally to advance towards the $0.65 target.
For traders, ADA presents an exciting opportunity, but staying alert to Bitcoin’s price movements will be key as the broader market sentiment continues to shape ADA’s direction.
This post was last modified on Nov 11, 2024, 09:27 GMT 09:27