The Cardano price is experiencing a strong year-to-date (YTD) increase of around 62%. Nevertheless, ADA is facing a crucial make-or-break moment in the 1-day chart, which could decide the long-term trend.
At press time, the ADA price was at $0.40, registering a slight 1.1% decline over the past 24 hours, with a 5.4% gain for the week. This puts the price just below the critical resistance zone between $0.405 and $0.42 after ADA broke out of a downtrend in mid-January that has lasted since June 2022 (blue line in the chart).
The zone between $0.405 and $0.42 served as extremely strong support for the price from May to early October 2022, before the downside break happened on October 10. Since then, support has turned into key resistance. To make matters more complicated, the 200-day EMA is …