ADA Holds $0.90 Support As Hoskinson Says Cardano Will ‘Break The Internet’
The post ADA Holds $0.90 Support As Hoskinson Says Cardano Will ‘Break The Internet’ appeared on BitcoinEthereumNews.com.
Charles Hoskinson has affirmed that Cardano (ADA) will steal the crypto spotlight as the altcoin attempts to hold a crucial level as support. Some analysts believe the cryptocurrency is preparing for a massive rally in the coming months. ADA Holds Key Support Zone Following Thursday’s market rally, Cardano has seen its price retrace 4% in the last 24 hours, failing to reclaim the range high for the second time over the past week. The altcoin has been trading between $0.72-$0.96 since July, hitting a local high of $1.01 last month. Despite the dip, ADA has held the $0.85-$90 zone as support, attempting to stabilize around this area throughout Friday morning. Analyst Sebastian suggested that the cryptocurrency must “start setting a new higher high, otherwise we could find ourselves in a head and shoulders pattern, which could result in a bigger retrace.” Cardano has been trading above an ascending support trendline since early August, bouncing from this key level twice this month. To the analyst, ADA’s trend will remain bullish as long as the price holds the trendline. On the contrary, a breakdown from this level could see the altcoin retrace to the macro support zone, between $0.50-$0.60. Market Watcher Altcoin Gordon pointed out that ADA recently broke out of its multi-month descending resistance after reclaiming the $0.85 level last week. Since then, the cryptocurrency has retested the trendline area as support, confirming the breakout. To Gordon, if the price continues to hold above this level, Cardano could see “a HUGE move to the upside.” Meanwhile, analyst Crypto Kid asserted that Q4 seasonality could see the altcoin repeat its 2024 end-of-year playbook. Notably, ADA broke out of its nine-month downtrend line during the November 2024 run, rallying 270% to its three-year high of $1.32. Now, the cryptocurrency displays a similar price…
