Cardano’s price has rebounded above the $0.45 level on June 4th, indicating a possible end to the recent bear dominance. Despite being one of the worst-performing assets in May 2024, Cardano has seen a surge in demand since its price dipped below $0.44 at the end of May. This increase in demand has led to a 4.4% surge in price within the first four days of June, adding over $500 million to its market cap. Additionally, trading volume for Cardano has reached $300.63 million, indicating strong market interest and participation. This surge in volume suggests that the new trend may have substantial support and could continue, potentially leading to further price increases. With the growing bullish momentum, a short-term price breakout above $0.50 could be on the horizon. However, there is a major resistance level at $0.48 that needs to be overcome. If Cardano can surpass this level, it could gain momentum and extend the rally above the $0.50 milestone. On the other hand, if the bulls face another correction phase, the $0.44 level could provide significant short-term support. It is important to note that this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research before making any investment decisions.
