The News Crypto -
- At the time of writing, ADA is trading at $0.3885, down 0.61% in the last 24 hours.
- If the price manages to go past $0.41 level, then it will likely test the $0.42 mark.
Cardano (ADA), has been doing rather well as of late, with a monthly price rise of 38.72% taking it around the $0.40 threshold. Therefore, next year’s performance of the asset is worth monitoring to see whether the current trend can be sustained.
The two most important factors that might push ADA’s value higher are favorable crypto market trends and successful initiatives around the token.
Second Unsuccessful Attempt
Cardano (ADA) made a failed attempt to go past a key resistance level, $0.40, which has been a barrier for a long time. The rise of Cardano to the $0.40 level was eagerly monitored by traders, as this level had proven to be a tough roadblock.
When the price first touched $0.40, it was met with a flood of confidence, raising hopes that ADA would be able to both sustain its recent advances and utilize them as a springboard for much further expansion. However, it could not hold around this critical level, and the price retreated.
Source: CoinMarketCap
At the time of writing, ADA is trading at $0.39, down 0.61% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 22.99%. This recent attempt to break above $0.40 was the second push after it could not sustain above this level on November 20.
If the price manages to go past $0.41 level, then it will likely rally further to test $0.42 resistance level. On the other hand, if the price manages to go below $0.38 level then it will decline further to test $0.37 support level.
This article was originally published on thenewscrypto.com
