Cardano (ADA) Price Outlook: Key Resistance at $0.407 Could Spark New Rally

• BitGo now supports Cardano native assets, including the privacy-focused NIGHT token, enabling secure institutional custody.
• A recent ADA breakdown below $0.38 signals possible short-term weakness, with $0.29 as a critical support level.
• ADA shows signs of bullish momentum with a green candle, potentially starting wave (c) toward $0.407 resistance.

BitGo has gone ahead and expanded its support for the native assets of the Cardano network, which now includes the privacy-oriented NIGHT token. This means that institutional investors can handle their assets on the network in a safe and secure manner beyond ADA. In this way, BitGo provides institutional investors with regulated access in one framework.

The listing of NIGHT, which is supported by its partnership agreement with Midnight Foundation, is reflective of an increasing need for privacy-focused networks. Some other supported tokens are DJED, USDA, SNEK, WMTX, IAG, and MIN. This listing is also an indicator of Cardano’s expanding base and its progress as an institutionally sound blockchain network.

Also Read: Cardano Price Forecast: Can ADA Reclaim $0.48 and Trigger a Strong $0.80 Rally?

ADA Bulls Gear Up After Positive Candle Close

However, data from More Crypto Online indicates that Cardano (ADA) is now making the first evident signs of recovery with the formation of an imminent green candle following an extensive period of sideways trading. Analysts now forecast this move as the potential start of wave (c), denoting the initiation of the ascending trend for the token. Market participants await the next resistance level at $0.407.

Source: More Crypto Online

A major breakthrough above the level of $0.407 may provide an opportunity for further notable increases as new buying impulses among waiting traders are expected. Although optimism is on the increase, volatility in the cryptocurrency market is still very high, as has been observed by experts. It is essential to be mindful of critical support and resistance points as ADA intends to move towards short-term peaks.

ADA Faces Downside Risk After $0.38 Breakdown

Moreover, another crypto analyst, Ali, highlighted that Cardano (ADA) has just broken an important level of support at $0.38, indicating potential weakness in the market. Breaking this level could provide an opportunity for Cardano to make a short-term move downward as investors begin to assess market risk and reevaluate market sentiment. Current attention is shifting to an important level of support at $0.29.

Source: Ali

Experts have noted that $0.29 may prove to be a strong psychological level at which buyers may intervene and turn back the price. If not, Cardano is expected to see further declines in the short term, owing to bearish sentiment in the crypto markets in general. Trader focus is now on whether or not there is going to be some reversal at this critical level.

Also Read: Cardano (ADA) Nears Critical Support: Could $0.38 Spark a $0.60 Recovery?