Cardano’s (ADA) Bulls Resurface, What Are The Next Target Levels?
01 Giugno 2022 - 12:00PM
NEWSBTC
Cardano (ADA) exhibited strength over the last 24 hours as the coin
rallied by almost 25%. With Bitcoin trying to climb up on its
chart, altcoins have reflected the same price action. Broader
market seems to be regaining its lost momentum with major market
movers showing signs of recovery. The global cryptocurrency market
cap today stood at $1.38 Trillion with a 3.6% increase in the last
24 hours. The buyers have re-entered the market after the bears
failed to drag the price below the $0.40 support line. Cardano
bounced off the aforementioned support line and started its journey
towards recovery. Cardano happens to be one of the top gainers
across the industry today. The demand for the coin surged and as a
result the coin continued to break past several key resistance
levels over the last 72 hours. Cardano Price Analysis: One Day
Chart ADA was priced at $0.63 at the time of writing after rallying
over 25% in the last 24 hours. The coin broke past many resistance
marks and has now found support near the $0.50 price level. In case
demand starts to drop, price might end up near the $0.59 to $0.50
mark following which the support level rested at $0.40. Overhead
resistance for Cardano was at $0.78 and then at $0.93. For the
bulls to firmly establish themselves, the altcoin has to aim for
$0.78. Volume of ADA traded in the last trading session was high.
The bars appear green which is a sign of positive price action
signifying that buying strength increased in the market. Technical
Analysis Demand for ADA rose as seen visible on the one day chart.
In correspondence to the same, ADA’s price was above the 20-SMA
line. This reading signified that buyers were in charge of driving
the price momentum of the market. A push from the buyers can drive
the price above the 50-SMA which would be a sign solid bullishness.
In relation to the buying strength, Relative Strength Index rose
sharply past the half-line. A reading above the half-line indicated
buyers outnumbering sellers in the market. Related Reading |
Cardano (ADA) Continues To Sink, What’s Next For The Coin? Awesome
Oscillator displays the current as well change in the price
momentum. The indicator displayed green signal bars that
highlighted a bullish price momentum. AO also displayed buy signals
which corresponded with the RSI. The Chaikin Money Flow indicates
the amount of capital inflows and outflows. The CMF was above the
halfline, which meant that capital inflows were more than capital
outflows at the time of writing. The indicators although bullish
might not be enough to validate the current bullish thesis.
Sustained increase in demand for the coin along with market
strength can help the bulls to sustain the price action. Related
Reading | TA: Ethereum Tests $2K, Why ETH Could Extend Rally
Grafico Azioni Cardano (COIN:ADAUSD)
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Grafico Azioni Cardano (COIN:ADAUSD)
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