Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

Cardano (ADA) has been on the receiving end on some of the most brutal beatdowns the crypto market has dished out in recent times. The cryptocurrency had managed to grow from about $0.20 at the beginning of 2021 to a high of $3, which saw investors cashing out massive gains. However, the trip down would prove to be just as swift and impactful as the trip up. ADA has since lost about 60% of its all-time high value, falling below $1 for the first time in eight months. Since the digital asset has spent such a long time in a downtrend, there looks to be nowhere to go but up as ADA plots its move upwards after forming a local resistance point. ADA Ready For Takeoff After a long time in a downtrend, ADA has finally formed a local resistance. With this resistance, the digital asset is looking towards a liftoff from this point. One thing to note is that even when the rest of the market had begun to rebound, Cardano had continued to trend low. Momentum stayed down, translating to no meaningful movement despite the market gaining over $200 billion in a single weekend. Related Reading | Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem A look at the charts shows that this may have positive connotations for the value ADA going forward. For instance, ADA is now trading in a support zone between $0.90 and $1.20, as illustrated in this analysis by a trader. It is doing this while the rest of the market is already recoveri...