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Cardano [ADA] hits a price ceiling of $0.388 – Are more gains unlikely?

Press Releases Crypto News AMB-Crypto Cardano [ADA] hits a price ceiling of $0.388 – Are more gains unlikely?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Price action faced an obstacle at $0.3876.
Aggregated CVD (cumulative volume delta) showed sellers had leverage.

Cardano’s [ADA] recovery continues to face challenges but has clawed back some of the gains lost after retracement from mid-February. At press time, ADA hit a price ceiling of $0.3876, and bears seemed determined to sink to key support at $0.3578.

Read Cardano [ADA] Price Prediction 2023-24

So far, the $0.3578 has prevented a dip plunge twice, giving a reprieve to bulls. The support could be steady if BTC maintains a hold on $28K. However, bulls’ efforts could be complicated if BTC drops below $28K.

Will the $0.3578 support hold?

Source: ADA/USDT on TradingView

The retracement from mid-February saw ADA depreciate by 28%, dropping to $0.30. But the low price saw increased demand, tipping bulls for a recovery. Price action oscillated between $0.3236 – $0.3578 before breaking above the range after BTC zoomed to the $28K area.

Bears could sink ADA to retest the $0.3578 support. But a close below the support could attract a more aggressive price dump that could push ADA towards the lower support at $0.3236, especially if BTC drops below $28K.

But bulls could gain leverage if ADA closes above the price range upper level of $0.3876. Such an upswing could push the price toward $0.4056 or the overhead resistance level of $0.4201.

The Relative Strength Index (RSI) faced rejection below the 60-

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Author: Suzuki Shillsalot

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