Cardano (ADA) Seems To Have Gained Its Bullish Streak Again, What’s Next?
07 Giugno 2022 - 3:00AM
NEWSBTC
Cardano (ADA) has been one of the top gainers in the last 24 hours.
Price of asset has pictured a bullish action on the daily chart.
The bulls have regained strength and has continued to move past
other resistance marks. The major resistance mark for the coin now
rests above the $0.60 level. After the coin manages to trade above
the aforementioned price level for the upcoming trading sessions,
the bulls will find a strong footing. If ADA fails to cross above
the $0.64 crucial resistance mark then the coin can again fall back
to the $0.50 support level. With Bitcoin moving past the $30,000
price level, it is natural that other major altcoins has reflected
on the same price action. The global cryptocurrency market cap
today was $1.33 Trillion with a 3.8% positive change in the last 24
hours. Cardano Price Analysis: One Day Chart ADA was exchanging
hands at $0.60 after registering over 8% gains in the last 24
hours. The crucial resistance for the coin awaited at $0.64. A fall
from the $0.60 price mark would push Cardano to $0.50. In the last
week, the coin secured double digit gains. It logged close to a 27%
appreciation in its price. With positive price action, buyers seem
to have returned to the market. Consistent buying strength will
help bulls maintain their vigour. The volume bars displayed growth
in the past trading session. The bar was green which indicated that
ADA’s bullish leg was possibly back. Technical Analysis The buying
strength registered a sharp uptick over the past few days. At the
time of writing, buying strength was positive. The Relative
Strength Index was placed above the half-line which is an
indication that buyers outnumbered sellers in the market. The price
of ADA stood above the 20-SMA line. This meant that buyers were
responsible for driving the price momentum in the market at the
moment. If the coin registers the demand then it could be possible
for ADA to even cross the 50-SMA line. Price above the 50-SMA line
is considered to be quite bullish for the coin. Related Reading |
Cardano At $0.56, Here Are The Crucial Trading Levels For The Coin
Bollinger Bands indicate the incoming price volatility of the coin.
The bands depicted a squeeze in the market, which meant there could
be a fall in price volatility. A fall in volatility means lowered
price fluctuation for Cardano. The Parabolic SAR determines the
price trend and a possible price reversal. Parabolic SAR’s dotted
lines are seen below the price candles at the time of
writing. As price increased, dotted lines gathered below the
price and indicated a bullish trend for ADA. For Cardano to
maintain the bullish stance, it needs to trade above the $0.64
price ceiling and that would ensure continued bullish price action.
Related Reading | Crypto Community At
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