- ADA could not breach the $0.38 resistance despite its 3.71% jump in the last 24 hours.
- If the Awesome Oscillator indicator turns positive, ADA’s rise to $0.40 may be confirmed.
- Analyst says ADA may hit $3 if it maintains its 1% dominance in a potential future $10 trillion crypto economy.
Despite the recent recovery of the crypto market, Cardano (ADA) has not been able to breach the $0.40 region. According to the ADA/USD 4-hour chart, the inability of the cryptocurrency to build on its 3.71% 24-hour increase was because of selling pressure.
Initially, ADA’s momentum had turned bullish after buyers made a way for a higher high from $0.374. As bulls tried to push ADA toward $0.40, sellers rejected the attempt by resisting the price movement at $0.387.
The $0.38 Zone Is Now Crucial
At the time of writing, bulls are back and are making another attempt at flipping the resistance. As a result, the $0.38 region has become a critical area for ADA. If buyers fail to breach the zone, then ADA may fall back to $0.37.
However, should a lot of buying pressure appear, sellers may have no other option than to succumb to the uptrend. Also, if ADA is to rise as hi…
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