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Cardano Ecosystem

Thenewscrypto

11/28/2023

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Cardano Price Action Gives Mixed Signals As Traders Consider Next Move 

ADA token experiences volatility and uncertainty in recent days. Analyst Ali Martinez indicates a buy signal on ADA’s four-hour chart, suggesting a potential rebound. Cardano’s weekly chart, however, shows a...

Cardano Price Action Gives Mixed Signals As Traders Consider Next Move 
  • ADA token experiences volatility and uncertainty in recent days.
  • Analyst Ali Martinez indicates a buy signal on ADA’s four-hour chart, suggesting a potential rebound.
  • Cardano’s weekly chart, however, shows a sell signal, possibly leading to a steeper drop if validated.

Cardano’s ADA token has witnessed growing volatility in recent days, with mixed signals emerging across varying timeframes that leave traders uncertain about the next major price move.

Currently ranked as the 8th-largest cryptocurrency by market capitalization, ADA fell nearly 3% on Wednesday to $0.3735 amid broader declines across the crypto markets. The token has struggled in recent weeks to decisively move past technical resistance around the $0.40 level.

Cardano shows a buy signal

According to analyst Ali Martinez, Cardano shows a buy signal on its four-hour price chart, indicating a potential rebound on the horizon after an extended cooldown from its early September highs above $0.50. 

#Cardano | Look how the 100-EMA on the 4-hour chart has acted as a rebound zone for $ADA while the $0.396 level acts as a stiff resistance.

The TD Sequential now presents a buy signal within this time frame around the 100-EMA, anticipating another rebound. However, you must pay… pic.twitter.com/bi4Lzg4rUr

— Ali (@ali_charts) November 27, 2023

However, Martinez points out that ADA’s weekly chart illustrates a sell signal per the TD Sequential indicator, which when validated could result in a steeper drop towards support levels at $0.34 or $0.33 if the $0.37 zone fails to hold.

To add further uncertainty, ADA sits right at a major demand area between $0.37 and $0.38, with roughly 166,000 wallets having accumulated nearly 4.9 billion tokens within this price range. Typically, strong on-chain support in specific areas reinforces buying interest around those levels.

If ADA manages to reverse course and stage a rally from current levels, clearing the elusive $0.40 mark remains the critical test in the days ahead. A weekly close above $0.40 would open the door for an advance towards the next target at $0.46, according to Martinez’s analysis.

However, failure to hold the demand area and break below $0.37 support could spell trouble and motivate sidelined bears to re-enter at lower levels. 

Martinez notes traders should closely watch for confirmation of ADA’s next move via a decisive four-hour candle close above $0.396 resistance or below the 100-day exponential moving average (EMA) at approximately $0.35.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.

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