After months of trading within consolidation, Cardano (ADA) price has broken free, portraying a bullish trend across major timeframes. Currently, there is no cloud of weakness in sight, although a pullback is always plausible.
This unfolding scenario ignites a discussion among investors and analysts on whether the price of ADA could reach $0.42 this week.
Cardano Signals Further Price Gains on the Horizon
Last month witnessed a market recovery, during which ADA bounced off the $0.24 support level, reaching a crucial resistance trendline as noted by technical analyst and founder of DecenTrader, Filbfilb. Indeed, the ascent that continued this week helped Cardano nudge the $0.33 level.
Although this level resisted momentarily, ADA’s price remains robust on the weekly timeframe, harnessing energy to scale further highs. The next resistance, stemming from February’s high at $0.42, awaits its test.
A price retraction from the current trading level could usher a brief pullback before the uptrend resumes. Indeed, a broader pullback might serve as a revalidation of the recent breakout. If the $0.33 level extends support, a solid rebound is on the horizon.
Despite the absence of weakness, a rise may c
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Author: Bary Rahma
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