Cardano (ADA) has recently made headlines with an impressive price surge of 8.46% over the past four days, indicating a potential turnaround for the altcoin. As it climbs to $0.359, market observers are keenly watching to see if this bullish momentum can propel Cardano towards key resistance levels at $0.42 and $0.45.

Altcoins Making a Come back

The broader crypto currency market is currently experiencing a resurgence, with valuations bouncing back from a low of $2.1 trillion. While many altcoins are gaining attention, Cardano’s recent performance suggests a significant trend reversal. After enduring a prolonged phase of lower-high formations, the 11th largest crypto currency by market cap is showing signs of a bull run.

Breaking Free from the Falling Channel

Cardano’s recovery comes on the heels of a three-day down turn from September 14 to 16. However, following this period of negative price action, ADA has successfully broken out of a falling channel, making a swift comeback. Currently trading at $0.359, the altcoin has gained 2.28% just today, up from an opening price of $0.352.

The recent price movement has not only exceeded the 50-day simple moving average (SMA) but has also surpassed a long-standing over head resistance trendline. This breakout marks a significant milestone in Cardano’s daily chart, completing a series of four consecutive bullish candles.

Chart Analysis: Where is Cardano Heading?

As Cardano continues its upward trajectory, attention is turning to the next significant resistance point—the 100-day SMA, currently situated at $0.373. The bullish recovery is also reflected in the MACD indicator and signal line, showing an increase in positive histograms. Importantly, the momentum indicator is avoiding a negative cross over, suggesting that short-term buying opportunities may still be present.

In a note worthy moment during the Token 2049 event in Singapore, Charles Hoskinson, the founder of Cardano, playfully encouraged the Gemini Exchange to list ADA by holding a sign that read “When ADA?” This light-hearted appeal has rekindled interest in Cardano and could potentially enhance the likelihood of ADA being listed on Gemini, offering further support for the token’s price.

Key Resistance Levels Ahead

According to Fibonacci retracement levels, Cardano is approaching critical resistance at the 23.60% level, which is around $0.422. Following that, another hurdle lies at the 200-day exponential moving average (EMA) of $0.45. Given the current market dynamics, it seems unlikely that Cardano will reach the psychological $0.50 mark without first addressing these key resistances.

Conclusion

As Cardano navigates through its recovery phase, the altcoin is showing promising signs of a sustained rally. With the potential to breach significant resistance levels and the recent spike in market interest, ADA traders and investors are keeping a close eye on its performance. Whether Cardano can maintain this momentum remains to be seen, but the signs of a bullish turn around are becoming increasingly evident.

The coming days will be critical for Cardano as it approaches these resistance levels, and any further developments could set the tone for its price trajectory in the near future. As always, staying informed and vigilant will be key for anyone involved in the dynamic world of crypto currency.