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An interesting situation has formed on the price chart of Cardano (ADA), drawing the attention of keen market observers. Over the last four months, Cardano's price has been on a relentless decline.
However, it has now arrived at a crucial support level, historically significant in its pricing trajectory. The $0.35 mark per ADA is particularly noteworthy, as it was the price point where Cardano's value surged following its 2018 listing on Binance, the world's largest exchange. This level has consistently served as a pivotal support or resistance point for ADA.
Godfrey BenjaminRecently, this support level has proven its strength once again. After a 12% drop last week, Cardano's price held firm at $0.35. Following this stabilization, the weekly candle closed above this mark, leading to an epic 15.3% increase in ADA's price over the next four days.
What makes this rise even more intriguing is that it occurred on relatively low trading volumes. Despite being the 10th largest token by market capitalization, Cardano's trading turnover places it only in 17th place.
Under the radar
While trading activity for ADA is currently subdued and market participants' attention is diverted elsewhere, the token is quietly experiencing its own mini bull rally.
This pattern suggests a potential ultra-bullish trend for Cardano that has gone largely unnoticed. As ADA holds strong at this crucial support level and begins to climb, investors may find renewed interest in this "dino" coin. The low trading volumes accompanying the price rise could signal significant upside potential if the attention of market participants shifts toward Cardano.
Tomiwabold OlajideIn conclusion, while Cardano's recent price action might be flying under the radar, the formation of this bullish pattern presents an intriguing opportunity for attentive investors.
Denys Serhiichuk
Tomiwabold Olajide