Cardano Has To Trade Above This Level To Breach The $0.40 Mark
23 Março 2023 - 11:40AM
NEWSBTC
Cardano price has been gaining over the past couple of days. Over
the last 24 hours, ADA rose about 0.3%. The coin has traded
laterally in the past few sessions but maintained its bullish
streak. In the last week, Cardano appreciated by close to 15%. The
technical outlook of the ADA depicts that the bulls have been
prevailing over the market. Buying pressure has also noted a
considerable rise on the chart. Demand and accumulation have spiked
as ADA broke past its stiff resistance mark. Related Reading: AVAX
Price Prediction: Avalanche Bulls Aim $20 or Higher The price of
the altcoin stands at a crucial mark because a fall from the
present price level will cause the bulls to lose strength again,
and ADA has to trade above its immediate line of support for it to
target the next resistance level. This recovery cycle will only
continue if ADA manages to keep trading between $0.34 and $0.38,
respectively. Demand for the altcoin has to continue appreciating,
if not, ADA might witness another pullback in the immediate trading
sessions. The market capitalization of ADA has recovered,
indicating an increase in buying strength. Cardano Price Analysis:
One-Day Chart ADA was trading at $0.37 at the time of writing.
Bulls have been active ever since ADA crossed above the $0.35 mark,
which acted as a rigid resistance mark in the past couple of weeks.
The $0.35 support level has acted as a propelling point for the ADA
price. For the altcoin to move above the immediate resistance mark,
demand for the altcoin has to rise consistently. Overhead
resistance stood at $0.38. Breaching $0.38 will push ADA to trade
close to $0.40. For Cardano to maintain its bullish momentum, the
price has to move between the range of $0.34 and $0.38,
respectively. The amount of Cardano traded in the last session was
green, indicating positive buying pressure. Technical Analysis ADA
demand has registered recovery over the past few weeks. After
touching the oversold zone in March, the altcoin had been moving up
in regard to demand too. The Relative Strength Index noted an
uptick and touched the 60-mark. This indicated that buyers had
taken control of the price. In consonance, the price moved above
the 20-Simple Moving Average (SMA) line. This meant that buyers
were driving the price momentum in the market. With some push from
the buyers, ADA will move above the 50-SMA line, which is a sign of
increased bullishness. Other technical indicators have sided with
the bulls. The Moving Average Convergence Divergence suggests price
momentum and trend reversal on the chart. The indicator formed
green histograms tied to buy signals on the chart. Related Reading:
Ethereum Price Just Saw Key Technical Correction But Key Support
Intact The Directional Movement Index represents the price
direction of the altcoin. DMI was positive as the +DI line (blue)
was above the -DI line (orange). The Average Directional Index
noted an uptick as it crossed the 20-mark, depicting strength in
the price trend. Featured Image From UnSplash, Charts From
TradingView.com
Cardano (COIN:ADAUSD)
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