Cardano price has moved past the resistance zone of $2.0000 after trading within a tight range since late last week. Over the past 24 hours, its trading volume has surged by 77.45% according to CoinMarketCap. It is currently ranked 5th in the crypto market.
ADA’s movements in Wednesday’s session have signaled that the altcoin might be ripe for a breakout. Earlier in the day, it spiked to a one-week high of 2.1462 before pulling back.
Notably, the close to 10% surge was the highest one-day gain since 22nd September. Since the weekend, it has been trading within a range of between 1.9124 and the psychological level of 2.0000.
At the time of writing, Cardano price was up by 3.05% at 2.0321. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the ensuing sessions, the focus will be on the steadiness of the resistance-turn-support level of 2.0000. Above that level, the breakout will be valid and the bulls will have an opportunity to hit the next target at 2.2200.
However, to reach that level, there will need to be enough bullish momentum to push Cardano price to and past the resistance at Wednesday’s high of 2.1462. On the flip side, a move below the aforementioned support zone will have the bears retesting the horizonal channel’s lower border of 1.9124.
This post was last modified on %s = human-readable time difference 14:49