Cardano Price Faces Crucial Resistance at $0.30 - Summit Ahead Could Spark Breakout or Fall
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The price of Cardano (ADA) has increased since October 19 and reached the $0.30 resistance area today. Traders are watching to see if ADA will break out above this level.
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The weekly and daily charts show bullish signs for ADA, with the RSI indicator turning upwards. There has also been positive Cardano news recently.
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The next key resistance level if ADA breaks $0.30 is around the July high of $0.38. A breakout could lead to a 30% price increase.
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However, a rejection from $0.30 would likely cause an 18% drop to support at $0.24. The price needs to hold above $0.30.
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The Cardano Summit in early November could give bullish momentum to the ADA price, especially if there are positive announcements.