Cardano Price Spikes, Momentum Signals Extended Action Above $0.700
Summary:Cardano price has risen sharply on Thursday as its momentum secures $0.700 support. Here's why an extended upside is likely. Cardano price has reclaimed the $0.700 support, reflecting the broader...
- Summary:
- Cardano price has risen sharply on Thursday as its momentum secures $0.700 support. Here's why an extended upside is likely.
Cardano price has reclaimed the $0.700 support, reflecting the broader market performance. The coin was up by 6.7% at the time of writing and traded at $0.714, bringing its weekly gains to 5%. In addition, it has registered gains in six out of the last seven days, affirming a strong bullish momentum.
Why ADA Price Is Primed For Further Upside
Approximately $800 million worth of ADA coins were traded in the last 24 hours, with the trading volume growing by 24% in that time. That points to rising buyer appetite, which will likely add propulsion to the coin’s upside momentum.
The RSI reading on ADA price 2-hour time frame is at 69, adding credence to the likely continuation of the upside. In addition, its Average Directional Index (ADX) is at 22, signaling the strengthening of the upward trend. Furthermore, the value of ADA coin’s open interest contracts also grew by 1.78% in the last 24 hours to reach $358 million, affirming the upside view.
Meanwhile, Moonacy Protocol just added Cardano on its list of supported assets, creating an added incentives for investors to buy ADA. The protocol allows ADA liquidity providers to earn passive income on their coins with up to 600% APY or 1.85% daily without having to lock in their assets.
See also
Cardano Price Prediction
As seen on the chart below, Cardano price pivot mark is at $0.696 and the momentum indicates control by the bulls. The upside will likely meet initial resistance at $0.725. However, an extended control by the buyers will clear that barrier and could extend gains to test the second resistance at $0.740.
Conversely, the momentum will shift to the downside if the price goes below $0.696. The first support will likely be at $0.680 in that case. The upside narrative will be invalid if the sellers extend their control and break below that mark. Furthermore, that could result in a stronger downward momentum that could test $0.657.
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