Cardano (ADA) is trading at $0.3698, marking a 1.65% increase in the last 24 hours. ADA is steadily climbing after finding strong support at $0.3120 earlier this month. The chart shows that ADA has bounced off this support level and is now testing the key resistance around $0.3935.
One of the main reasons Cardano is trending is the recent Chang Hard Fork, an upgrade that introduced on-chain governance functionalities. enabling users to make crucial network decisions in line with decentralization and scalability.
Cardano is currently approaching a critical resistance zone at $0.3935. A successful above this level could propel the price towards the next significant resistance at $0.4480. If it fails to break above $0.3935, ADA might retest the support levels at $0.3120 and potentially $0.3200, which have acted as strong support zones in recent months.
Even with the network upgrades, Cardano still faces difficulty surpassing the $0.40 level. If ADA is able to exceed this level, it may have the potential to gain sufficient momentum to reach the target of $0.44, which is watched by numerous traders.
The price hovers near $0.3935 as traders closely monitor whether ADA will break through or pull back from this level.
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This post was last modified on Sep 24, 2024, 11:42 BST 11:42