Demonstrates Strength with 46% Recovery from December Lows
The post Demonstrates Strength with 46% Recovery from December Lows appeared on BitcoinEthereumNews.com.
TLDR Cardano (ADA) broke above key moving averages and reached $1.11 on January 3, 2025, after bouncing from December low of $0.76 Current trading price is $1.089, with price action showing resistance at the $1.11 level Technical analysis indicates an uptrend with moving average lines trending higher Key resistance levels are at $1.11 and $1.32, with potential for reaching previous high of $2.33 if broken Short-term outlook suggests sideways movement unless price breaks above $1.11 or falls below moving averages Cardano (ADA) has shown renewed strength in early January 2025, reaching $1.11 on January 3rd after a sustained recovery from December lows. The digital asset, currently trading at $1.089, has maintained its position above key moving averages, suggesting continued bullish momentum. The recovery began on December 20, 2024, when buyers stepped in at the $0.76 price level, establishing what appears to be a local bottom. Since then, the cryptocurrency has demonstrated consistent upward movement, breaking through several technical resistance levels. Market data indicates that buyers have remained active in the market, pushing the price above both short-term and long-term moving averages. This technical achievement represents an important milestone for Cardano’s price action, as these moving averages often serve as key indicators for market participants. The current price structure shows clear support from the 21-day Simple Moving Average (SMA) on the 4-hour timeframe. This technical indicator has proven reliable during the recent upward movement, providing a foundation for further price advancement. Traders and investors are closely watching the $1.11 price level, which has emerged as a crucial resistance point. This level has already rejected the price once during the January 3rd attempt, leading to the current consolidation phase. Above the current trading range, the market has established clear resistance levels at $1.20, $1.30, and $1.40. These price points represent potential areas…
Filed under: News - @ January 8, 2025 10:25 am