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CryptosHeadlines

02/20/2024

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Cardano Surges 13% This Week: Is ADA on Track to Reach $1?

Despite recent market volatility, the price of ADA hasn't changed much in the past few days, indicating low buying and selling activity. However, it's important to mention that ADA has surged by over 13.5% in the past week.

Cardano Surges 13% This Week: Is ADA on Track to Reach $1?

Despite recent market volatility, the price of ADA hasn’t changed much in the past few days, indicating low buying and selling activity. However, it’s important to mention that ADA has surged by over 13.5% in the past week.

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The price of Cardano’s ADA token stayed within a tight range between $0.4577 and $0.4756 for some time. Then, the market picked up momentum, causing the ADA price to break out of this range. However, this rally didn’t last long as the price faced resistance at $0.5051. Afterward, ADA’s price remained relatively neutral for a period.

Cardano’s ADA Price Movement Amidst Volatility

TradingView: ADA/USDT

As market volatility intensified, bulls regained momentum, leading to a 10% surge in ADA’s price. However, this momentum was short-lived as the price faced rejection at the resistance level of $0.5331. Following this, ADA’s price traded within a consolidated range of $0.4756 to $0.5331 for the next eleven days.

Subsequently, ADA entered a narrower range between $0.5331 and $0.5607, indicating a cooling-off period after the price surge. With increased volatility, ADA experienced a 16% jump in value, reaching $0.6178 before facing resistance.

Afterward, ADA’s price remained relatively stable for a while, testing a low of $0.5834. However, bulls regained momentum and recorded a 12.45% jump, bringing the price back into a range between $0.6178 and $0.6400, where it has since remained.

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Analysis of Cardano’s ADA Price and Potential Trends

The technical indicator MACD shows flatlines on the chart, indicating weak buying and selling pressure for ADA in the market. Additionally, the averages suggest a neutral trend, signaling a decline in price action for this altcoin.

If the market pushes the price above the resistance level of $0.640, bulls may regain momentum and aim to test the upper resistance level of $0.6632 this week. Holding the price at this level could set the stage for Cardano to attempt to reach its upper limit of $0.6874 in the upcoming weeks.

However, if bears overpower the bulls, ADA’s price may lose momentum and test its support level of $0.6178. Continued bearish pressure could cause ADA’s price to decline further, potentially testing its lower support level of $0.5834 this month.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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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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