Rally

Cardano

Read

Spot

Rise

<ul>
 <li>Cardano aims to rebound from a four-day downturn, with a potential to surge to $0.62 if it breaks the $0.49 resistance level.</li>
 <li>ADA’s price touched a critical support level at $0.433, aligning with a broader market decline influenced by high May employment data.</li>
 <li>Currently, ADA is up 0.54% at $0.439, holding significant support with 3.47 billion ADA held by numerous addresses in the $0.371 to $0.431 range.</li>
</ul>
Cardano (ADA) is attempting to recover from a recent four-day downturn. Should buyers succeed in breaking past the $0.49 resistance level, ADA could potentially surge to $0.62.&nbsp;
While there is minor resistance at $0.57, it is expected to be overcome with sustained bullish momentum. In recent weeks, ADA’s price has been on a steady decline, finally touching a significant weekly support level at $0.433, the weekly SMA 50. This level has been a critical support since late October 2023, making its current touchpoint a pivotal moment for ADA.&nbsp;
This recent decline aligns with a broader market downturn, influenced by a significant drop in major cryptocurrencies, including Bitcoin, following the release of unexpectedly high employment data for May, which reported 272,000 new jobs.
As of the latest update, <a href="https://www.tradingview.com/x/wWZH2gRs/" rel="noopener noreferrer nofollow">ADA’s price</a> is up by 0.54% over the last 24 hours, reaching $0.439, just above the previous day’s low of $0.432. This price action suggests that ADA is holding at a major support level, where a substantial 3.47 billion ADA, purchased by 350,940 addresses at an average price of $0.3944, is currently held.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfgucqwm7zuxR3VpoM1mUN6cTDINXSMzuiNAi9vDS4NXpLzT-RsMAI1cQru4Zzr1fPGcQAbxKonuU8bl-srnXbmfuWXxPsoW09wbPaM2de8Eompd1ooqykh9__rl8V1sYuXo0Hspq1kH48ROFuVZuIKFqPD?key=bge-H6jqz1Mnf_z7fsLvGg" alt="">
</figure>
Source: TradingView
Data reveals this concentration of holdings, highlighting the importance of the $0.371 to $0.431 price range as a significant support zone. If ADA can maintain its position above this support, bolstered by the weekly SMA 50, it could signal the beginning of a new bullish trend. Traders and analysts are closely watching ADA’s movements to predict its next direction.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/u-s-spot-bitcoin-etfs-maintain-15-day-inflow-streak-with-105m/" rel="noopener noreferrer nofollow">U.S. Spot Bitcoin ETFs Maintain 15-Day Inflow Streak with $105M</a></li>
 <li><a href="https://cryptonewsland.com/solanas-soaring-success-tvl-surge-uptime-streak-and-nft-community-boom/" rel="noopener noreferrer nofollow">Solana’s Soaring Success: TVL Surge, Uptime Streak, and NFT Community Boom</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-recovery-streak-falters-at-50-day-moving-average/" rel="noopener noreferrer nofollow">Bitcoin Recovery Streak Falters at 50-Day Moving Average</a></li>
 <li><a href="https://cryptonewsland.com/ethereum-rsi-shows-price-may-recover-in-48-hours/" rel="noopener noreferrer nofollow">Ethereum RSI Shows Price May Recover in 48 Hours</a></li>
 <li><a href="https://cryptonewsland.com/the-rise-and-fall-of-aptos-will-apt-price-recover/" rel="noopener noreferrer nofollow">The Rise and Fall of Aptos: Will APT Price Recover?</a></li>
</ul>
The post <a href="https://cryptonewsland.com/cardano-aims-to-break-losing-streak-can-it-rally-to-0-62/" rel="noopener noreferrer nofollow">Cardano Aims to Break Losing Streak: Can It Rally to $0.62?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Cardano Aims to Break Losing Streak: Can It Rally to $0.62?

Crypto News Land

Other articles published on Jun 9, 2024

Liquidation Alert As High-Risk Loans On Aave Reach $1 Billion – Details

Leadership Will Kill Ethereum, Says Wintermute CEO

Top Meme Coins Dominating the Market, Bullish Solana-Based Memecoin Is Investor’s Top Pick

MoonBag Reaches the Sky: Top Crypto Presale with Staking Soars Amid Bitcoin Cash and Shiba Inu Un...

MicroStrategy Defies Bearish Bets with Tripling Stock Price, Outperforms Bitcoin Amidst New ETF I...

Bitcoin Moves Toward $70,000 Mark

Join our free newsletter for daily crypto updates!