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04/13/2023

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Cardano [ADA] retests Q1 price ceiling- Will bulls go forth? 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA reclaimed its February price level. Despite a dip in...

Cardano [ADA] retests Q1 price ceiling- Will bulls go forth? 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • ADA reclaimed its February price level.
  • Despite a dip in trading volume, the funding rate remained positive.

Cardano [ADA] appreciated 35%, recovering all the losses in the second half of February and early March. It rose from $0.3015 to $0.4056, only an inch closer to its first-quarter high of $0.4201. However, the above price ceiling has also acted as a key supply zone in the past. 


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Will bulls breach the price ceiling?

Source: ADA/USDT on TradingView

The channel’s mid-point, alongside the $0.4056, are key obstacles that could expose ADA to more selling pressure if the price action doesn’t close above them.

As such, ADA may retest the immediate support at $0.3876 or the channel’s lower boundary. A bearish breakout, especially if Bitcoin [BTC] drops below $30K, could slow down to $0.3378. 

Conversely, a close above the channel’s mid-range and $0.4056 could set ADA to consolidate within the $0.4056 – $0.4201 range. A BTC surge beyond $30.4K will likely inflict an upswing and push ADA to aim at $0.4381.  

At the time of writing, the RSI (Relative Strength Index) rebounded from the mid-level, indicating increased buying pressure. In addition, the OBV (On Balance Volume) had an uptick – an increased demand for ADA in the past few days. 

Trading volumes dipped; the funding rate remained positive

Source: Santiment


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The active hourly addresses dropped at press time, indicating trading volumes dipped. As a result, the price volume divergence could limit bulls from blasting past the $0.4056 resistance level. 

However, funding rates remained positive, indicating bulls could have slight leverage. In addition, the mean coin age rose – a wide network accumulation of ADA occurred, which could trigger another rally in the short term. 

But investors should track BTC’s price action before making moves. BTC oscillated in the $29.8K – $ 30.4K range and could set ADA to another short-term price consolidation.

On April 12, BTC dropped below $30K after the U.S. CPI data showed consumer price gains slowed while Fed minutes revealed higher rate hikes hadn’t been ruled out entirely. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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ORIGINAL SOURCE

https://ambcrypto.com/cardano-ada-retest...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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