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Cryptocurrency News Articles
Cardano's ADA Token Primed for Breakout as Market Metrics Flash Bullish Signals
Sep 25, 2024 at 05:24 pm
Cardano's native token, ADA, has surged by 10% over the past week, igniting excitement among investors and traders.
Cardano's native cryptocurrency, ADA, has experienced a 10% surge in value over the last seven days, sparking optimism among investors and traders. This substantial increase positions ADA favorably for a potential breakout from its recent trading range, which has remained stable since August 1.
Breaking Out of the Horizontal Channel
ADA has traded within a defined range since early August, fluctuating between a support level of $0.31 and a resistance level at $0.40. This narrow trading pattern creates a "coiled spring" effect, with recent price movements pushing ADA closer to the upper boundary of this channel.
Technical indicators lend strong credence to the bullish outlook for ADA. The Relative Strength Index (RSI) currently stands at 57.25. This reading indicates increasing momentum as more market participants accumulate ADA. An RSI above 50 suggests that buying pressure surpasses selling pressure.
Bullish Signals from Market Metrics
Several market metrics enhance the positive sentiment surrounding Cardano. The positive funding rate of 0.008% indicates that traders are willing to pay a premium to hold long positions. This willingness often serves as a precursor to price rallies.
Additionally, the Elder-Ray Index shows a bull-bear power reading of 0.02. This positive figure indicates that buying pressure dominates selling activity, reinforcing the narrative of growing demand for ADA.
Key Resistance Levels and Potential Targets
As ADA approaches the critical resistance level of $0.40, traders are closely monitoring this breakout attempt. A successful breach could lead to a rally toward $0.47, a price point not seen since June.
On the hourly chart, a bullish trend line forms with support at approximately $0.3810. If ADA maintains stability above the $0.3800 support zone, it could continue its upward trajectory. Traders should keep an eye on key resistance levels at $0.3900 and $0.4200.
However, caution is essential; if ADA fails to break above the $0.3900 resistance level, it may face a pullback. Immediate support lies near $0.380, with stronger support at $0.3650.
Read Also: Charles Hoskinson Surprised by Bitcoin-Cardano Bridge Development
In conclusion, Cardano's recent price action and technical indicators suggest a strong potential for upward movement as it approaches significant resistance levels. Investors should remain vigilant and consider both bullish and bearish scenarios while navigating this volatile market landscape.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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