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09/13/2023

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Cardano: Is ADA's 4.6% pump the start of a bullish rally?

Active Currencies 10004 Market Cap...

Cardano: Is ADA's 4.6% pump the start of a bullish rally?

Active Currencies 10004

Market Cap $1,071,620,303,107.60

Bitcoin Share 47.16%

24h Market Cap Change $0.53

AMBCrypto

AMBCrypto

Cardano: Is ADA’s 4.6% pump the start of a bullish rally?

Posted: September 13, 2023

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

  • Selling pressure eased at key support level with bulls taking advantage to rebound.
  • Buyers looked to kickstart a sustained price reversal with a 51.43% share of open positions on the long/short ratio.

Despite Cardano [ADA] sinking to its June/August lows over the past 48 hours, the buying pressure at the $0.239 support level spurred bulls back to life. As of press time, ADA was trading at $0.249, representing a 4.6% price bounce.


Is your portfolio green? Check out the ADA Profit Calculator


With Bitcoin [BTC] slowly climbing back above $26k, more gains could lie ahead for ADA bulls.

ADA rebounds after intense selling pressure

Cardano ADA price chart on dark background

Source: ADA/USDT on Trading View

A recent price report highlighted the deep price slump ADA experienced from the $0.376 price zone. After hitting the August low of $0.239, buyers rallied strongly to register decent gains.

A look at the 12-hour timeframe showed that the bullish rally caused the Relative Strength Index (RSI) to jump from a reading of 29 to 42. This signaled that the buying pressure was rising significantly.

Similarly, the Chaikin Money Flow (CMF) flipped positive to hint at decent capital inflows.

Based on the short-term rally, buyers can target profits at $0.28 to $0.3 ( lower low of bearish dip). However, if BTC drops again, sellers can break below the support level with the $0.2 price level within reach.

Speculators reacted positively to bullish bounce


How much are 1,10,100 ADAs worth today?


The exchange long/short ratio revealed the optimistic outlook by traders in the futures market in relation to a price reversal for ADA. The four-hour timeframe showed that longs edged ahead with a 51.43% share of the open contracts. This could accelerate ADA’s soft bounce to the $0.28 to $0.3 price level.

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-is-adas-4-...

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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