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Cardano Ecosystem

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07/20/2022

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Cardano Breaks Past Important Level, Will It Anticipate Correction?

Cardano breaks past an important price level as it has already been on a bullish run and managed to pass this mark so let’s have a look at the latest Cardano ADA news today and find out more. Over...

Cardano Breaks Past Important Level, Will It Anticipate Correction?

Cardano breaks past an important price level as it has already been on a bullish run and managed to pass this mark so let’s have a look at the latest Cardano ADA news today and find out more.

Over the past week, ADA surged by 20% and the altcoin was moving up in an ascending trendline in the past day. Now, the altcoin steadied on the $0.47 support line but it managed to claim its old resistance level with the bulls returning. For the bullish momentum to get intensified, ADA has to stay above this resistance level and it has to acknowledge this momentum as a relief rally. Bitcoin’s upward movement above the $22,000 level pushed other coins on bullish price action and the buyers returned to the market enhancing the bullish movement.

cardano priceCardano flashed buy signal on four hour chart Source ADAUSD on TradingView

The broader market sentiment can drag ADA to an immediate support level with the global crypto market cap being set at $1.11 trillion today marking a 5.4% change in the past day. ADA was trading near $0.506 and the coin broke the $0.50 price point which struggled to move over in the past few weeks. The overhead resistnace was set at $0.53 but a loss in momentum could push it down. For the bears to remain quiet, Cardano has to remain above the $0.50 level and the buying strength has to remain high for ADA to continue moving north. The amount of Cardano traded remained high suggests the increased buying strength is present on the charts.

Cardano breaks past important levels and showed the buying strength on the charts with buyers being in control and making ADA rally further. The RSI index was above the 60-point indicating that the buyers are outnumbering the sellers ont eh charts. The ADA price was above the 20-SMA which is an indication that the buyers are driving the price momentum on the market and Cardano was above the 50-SMA and the 200SMA line. Other indicators turned bullish as Cardano moved upwards and the Moving Average Convergence Divergence shows the price momentum and the trend reversals while the MACD underwent a bullish crossover with a green histogram that is actually a buying signal on the chart.

cardano registeredCardano registered high buying strength on the four hour chart Source ADAUSD on TradingView

The directional Movement index determines where the coin is headed and the DMI Was positive. The Average Directional Index neared the 40 levels and it means that the present trend is becoming stronger so for ADA to go higher, buyers have to be present and push higher in the market.

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