Cardano Price Analysis: ADA Flipped Bears’ Dominance, Here’s Buyers’ Next Strategy
The post Cardano Price Analysis: ADA Flipped Bears’ Dominance, Here’s Buyers’ Next Strategy appeared on BitcoinEthereumNews.com. Cardano (ADA) price today recorded at $0.594 mark in 60 days. ADA Crypto is trading above the green moving lines of the EMA...
- Cardano (ADA) price today recorded at $0.594 mark in 60 days.
- ADA Crypto is trading above the green moving lines of the EMA Ribbon indicator.
- ADA coin with bitcoin pair is up 4% at 0.00002373 satoshis.
Cardano (ADA) is following in the footsteps of the industry leader, bitcoin. Buyers were battling below the critical $0.54 breakpoint as of last week. The growth in Cardano’s current valuation was directly driven by the investment’s price hike, which began with the current surge. After trading for almost two months, ADA finally broke over the $0.55 barrier level. 0.55
ADA is backing the bulls after a significant increase in price last night. As a result, today’s purchasers appear to be highly competitive. Meanwhile, the cryptocurrency is now trading at $0.587 at the time of writing. The bulls are now driving the asset price towards the next resistance level at $0.70.
The market cap of ADA/USD has reached above $19.8 billion according to CMC, with a gain of 4.2% in the last 24 hours. Amidst the increased price, trading volume increased by 6% compared to the previous night. Furthermore, the ADA coin with the bitcoin pair is up 4% at 0.00002373 satoshis.
Bulls Aim to Push ADA Towards 200-DMA
In terms of the daily price scale, ADA Crypto is trading above the green moving lines of the EMA Ribbon Indicator. This bullish signal may act as strong support for the buyers, as they witness a further retracement phase.
Along with the uptrend, the RSI indicator is about to move into an overbought zone on the daily price scale.
conclusion
ADA bulls look aggressive after a bullish breakout above the resistance level. Buyers need to manage the latest support area to see further upside.
Support level – $0.4 and $0.30
Resistance level – $0.7 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/14/cardano-price-analysis-ada-flipped-bears-dominance-heres-buyers-next-strategy/
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