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Cardano Price Prediction: Key Resistance at $0.74 Could Spark Next Rally
- Cardano (ADA) is showing a bullish trend, trading at $0.7216 with a 3.57% increase from recent lows near $0.62.
- ADA is currently challenging key resistance levels between $0.7314 and $0.7384, hinting at a potential breakout.
- Technical indicators like Bollinger Bands and 9-period DEMA point to increasing buying pressure and volatility.
- Strong support near $0.6193 is holding firm, with a double-bottom pattern suggesting buyer strength.
- A breakout above the resistance at $0.74 could trigger the next rally for Cardano.
- The Bollinger Bands show a trading range between $0.6958 and $0.7384, indicating upward pressure.
- A close above the 9-period DEMA at $0.7257 could confirm ongoing buying interest.
- The resistance zone between $0.7314 and $0.7384 is crucial, with a breakthrough signaling a market structure shift.
- If ADA breaches this zone, it may target higher levels around $0.78 to $0.80.
- On the downside, strong support at $0.6193 reinforces the bullish bias and indicates active buyer participation.
- A potential double-bottom pattern near $0.62 further supports the positive outlook for Cardano.
- A break above $0.74 would be a bullish sign for ADA, while a rejection might lead to a pullback towards $0.69 or $0.66.
- Traders should monitor volume confirmation on any move beyond the resistance levels.
- Overall, Cardano's technical setup hints at a potential rally if it surpasses the key resistance at $0.74.
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