Cardano Bullish Momentum: ADA Targets Range High Post Support Flip
04 Outubro 2023 - 10:00AM
NEWSBTC
Cardano (ADA) saw its market structure undergo a significant
bullish transformation following a series of recent gains. This
rally, which began in late September, has propelled ADA’s price up
by more than 10% in just one week, measured from its lowest point
to the recent peak. Although ADA experienced a retracement in the
past few hours, it has managed to retain its overall bullish
outlook. The initial signs weren’t entirely encouraging, as
evidence from volume indicators hinted at dwindling buying
pressure. Nevertheless, the bulls rallied with determination,
successfully defending the critical $0.24 level. As of the
latest data, ADA is priced at $0.254 on CoinGecko, representing a
marginal 3.1% decline over the past 24 hours. However, over the
course of the last seven days, it has recorded a noteworthy gain of
5%. Related Reading: Is Dogecoin On Life Support? Analyzing Its
Recent Price Downturn ADA Technical Indicators Analysts closely
monitoring ADA’s price action have pointed toward a potential move
to a range high of $0.28. For traders eyeing long positions, a
lower timeframe bullish structure break could provide an entry
point, targeting the range’s high. The Relative Strength
Index (RSI) has also made a promising climb back above the neutral
50 mark, while the On-Balance Volume (OBV) exhibits an encouraging
uptick. The big question now looms: will the existing demand be
sufficient to fuel a sustained rally? Whether this demand will be
sufficient to fuel a sustained rally remains a subject of
speculation. ADA market cap currently at $9.02 billion. Chart:
TradingView.com Cardano Potential Amidst Shifting Market Trends
Meanwhile, Cardano has attracted the attention of a separate
analysis as one of the altcoins with the potential to capitalize on
short profit windows. This opportunity emerges in the wake of
Bitcoin’s recent surge, which catapulted it above the $28,000 mark.
Analysis suggests that ADA could possibly decouple from broader
market trends, presenting traders with a unique opportunity to
capitalize on market divergences and seek profit. Cardano seven-day
price action. Source: Coingecko ADA has exhibited resilience and
determination in the face of fluctuating market dynamics. While
initial signs pointed to a faltering of buying pressure, ADA has
managed to pivot, defending the $0.24 level and setting its sights
on the $0.28 mark. Related Reading: Shiba Inu Investors
Beware: 425 Billion Tokens On The Move – Is It A Sell-Out? The RSI
and OBV indicators provide further encouragement to the bullish
outlook. Moreover, the potential for ADA to break away from the
larger market trends presents traders with an intriguing chance to
capitalize on short-term profit opportunities. With the crypto
market constantly evolving, Cardano’s resilience and ability to
adapt to changing conditions make it an interesting asset to watch
in the coming weeks. (This site’s content should not be construed
as investment advice. Investing involves risk. When you invest,
your capital is subject to risk). Featured image from iStock
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