ADA Price Sees a 17% Upswing If It Breaks This Key Resistance

Cardano Price Prediction: On March 12th, the crypto market witnessed a significant inflow and created a sense of relief rally in the majority of major cryptocurrencies. As a result, the Cardano price rebounded from the 0.618 Fibonacci retracement level and surged 10.65% higher to reach the $0.33 mark. However, does this recovery indicate a resumption of the prior uptrend or merely a temporary rally before the next bear cycle begins?

Key Points: 

• The ongoing recovery in the Cardano coin hints at a potential 5% upswing
• The $0.35 resistance stands as a strong resistance level that can resume the prevailing correction
• The intraday trading volume in the ADA coin is $604 Million, indicating a 97% gain.

Source- Tradingview

The last three weeks downfall in Cardano coin recorded a 28% loss as the price fell from a $0.42 peak to $0.3 support. Moreover, the aforementioned support aligned with a lower level Fibonacci retracement level of 0.618, indicating the correction phase took a massive chuck from the prior recovery rally.  

Amid the current recovery in the crypto market, the ADA price bounced back from the 0.618FIB support and managed to breach the immediate resistance of $0.327. These reclaimed grounds should offer buyers additional support to further extend the price rally.

Also Read: What Are Bitcoin Ordinals And How Do They Work?

If the buying pressure persists, the Cardano coin may rise 5.75% to hit the next significant resistance of $0.35. While the border market sentiment is still bearish, the ongoing rally will be considered a temporary pullback until it breaches the $0.35 barrier.

Thus, a daily candle closing above $0.35 will encourage ADA price for a 17% rally to hit the $0.42 mark.

Technical Indicator. 

Relative Strength Index: the daily RSI slope reverted from the oversold region indicating the coin price is trying to stabilize the excessive selling. Until this indicator’s value is below the 50% mark, the sellers will possess an upper hand.

EMA’s: the daily EMAs(20, 50, and 100) moving near the $0.35 mark indicates multiple hurdles on the upside.

Cardano Coin Price Intraday Levels

• Spot price: $0.339
• Trend: Bullish
• Volatility: low
• Resistance level- $0.35 and $0.377
• Support level- $0.327 and $0.3