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Cardano: Can $0.3 level come to ADA’s rescue again?

Press Releases Crypto News AMB-Crypto Cardano: Can $0.3 level come to ADA’s rescue again?

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

ADA found support at the $0.3 level to stem selling pressure.
Rising mean coin age could see bulls build on defense of key level.

Cardano [ADA] rode on the market’s bullish sentiment after a positive ruling for Ripple in the case against the US Securities Exchange Commission [SEC]. ADA had been labeled a security in a different SEC lawsuit, so Ripple’s [XRP] classification as a non-security was good news for the altcoin.

Read Cardano’s [ADA] Price Prediction 2023-24

This led ADA to post gains of 30% on 13 July. However, it failed to cross the price hurdle at the $0.3760 resistance level. This sent prices spiraling down as quickly as they rose.

As of press time, bulls had halted selling pressure at the $0.3 level and a look southward showed this level has been critical for buyers in the past.

Can bulls initiate another rally from the $0.3 level?

Source: ADA/USDT on Trading View

ADA bulls have found the $0.3035 support level to be a good safe haven for repelling bearish momentum. A look at the price chart on the 12-hour timeframe revealed that bulls had used the level as a springboard for a significant bullish rally in March.

The rally flipped ADA bullish and took it to a year-high of $0.4622. ADA’s recent move above $0.3035 on 13 July was notable as it signaled a decent rebound after prices hit a year-low of $0.2395. However, the price rejection at $0.3760 curtailed further gains and ushered in a new wave of selling pressure.

Bulls once again looked to the $0.3 level for support with notable success. The on-chart indicators al

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Author: Suzuki Shillsalot

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