The price of Cardano (ADA) has recently broken over the critical 50 cents per token barrier, which is a major milestone for the well-known cryptocurrency. ADA has a strong comeback over the last two days, rising about 20% from its previous lows.
This recovery for ADA follows a time of unpredictability during which the cryptocurrency struggled with unstable market circumstances. ADA was trading at $0.4227 on Friday of last week, but a bullish rally pushed it beyond the half-dollar threshold to $0.5083 per token.
ADA’s price chart analysis shows some interesting prospects for the company’s future course. Notably, after a significant decline on April 13, purchasers successfully defended the $0.46 level, which now stands as an important region of support. ADA’s remarkable 19% increase on December 8 began from this level, which has historically shown to be robust. It also acted as a point of consolidation in January.
If ADA stays stable above $0.46, it may be able to go higher towards the next major resistance area, which is located around $0.61. But a fall to $0.39 per ADA may be expected if the Cardano token falters and falls below the half-dollar mark, with $0.46 serving as the crucial support level.
The next steps of the cryptocurrency are a subject of much conjecture among investors and ADA fans who are keeping a close eye on these events. Now that the threshold of 50 cents per token has been broken, the focus is on whether ADA can maintain its gains and gather momentum for possible upward growth.
