The Cardano price climbed above $0.24today as buyers returned to ADA during a wider market rally.
ADA gained 7.03%to trade near the $0.244price level, having briefly reached the $0.2488price level. The move took it beyond a price barrier that had stopped some recovery attempts in the past.
Cardano price crosses a stubborn ceiling
The latest advance pushed ADA above its 200-day average, which stood near $0.239. Put simply, Cardano is now trading above its average price over roughly the past nine months.
Crossing that line can show that a longer-term recovery is coming into focus. But for it to be more convincing, ADA needs to close trading for the day above that price level.
Buying activity has also improved, with Accumulation increased from about 400 million to 695 million during the recent recovery. This means that there is more buying than selling, but it does not mean there will be further gains.
Source: TradingView
ADA has now risen by about 24.5%from its recent September low near the $0.196price area.
The next test is between the $0.2488 and $0.25levels, where the latest advance could not go past. If it moves beyond that area, it could bring $0.256into view.
If the price retreats, the resistance level it saw before at around $0.239 to $0.24will become the first level to watch. But if it remains above it, that means that buyers have turned the old ceiling into support. A deeper decline could return ADA towards the $0.227price level.
Wider rally lifts ADA
Bitcoin and other large cryptos saw positive trends, which means that improving market sentiment helped lift ADA.
Cardanos ongoing Leios work may have provided additional background support, but the network upgrade has not yet been completed.
Input Output said in August that Leios reached 6x the usual Cardanos throughput during its first testnet. But it remains under development and has not yet on the main network.
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Final Summary
- ADA gained 7.03% and moved above its 200-day average near the $0.239 level.
- The next resistance is around $0.25, while the $0.239–$0.24 price range is the first support area.