Strong Buy Signals Emerge for Cardano – Technical Indicators and Moving Averages Support Bullish Outlook 

Cardano’s market has been experiencing strong price-growth momentum for the last three days, making 3 consecutive green candlesticks on the daily chart. 

According to its historical data on Coinmarketcap, Cardano has broken out of the $0.26 level, showing a high increase in its market price today, June 21, 2023.

At the time of writing, Cardano is up by 8.05, representing its price at $0.2786. The recent Node 8.1.1 update for the ADA network may be one of the factors driving this bullish trend.

Although it had faced several dips following the US Securities and Exchange Commission (SEC) lawsuits against popular crypto exchanges Coinbase and Binance, Cardano is in a green phase in the crypto market today.

Cardano Price Action in the Short Term

Cardano (ADA) had been on a bullish trend at the start of June, where it recorded $0.3744 on June 1 and $0.3777 in the space of 5 days (June 5).

ADA was trading within the $0.3 level as of June 6 ($0.352), but after the SEC lawsuits’ news hit the crypto market, its price began to dip. Cardano (ADA) declined from $0.352 on June 6 to $0.3232 on June 9, after which it sank into the $0.2 level.

On June 10, the crypto recorded $0.2954; by June 12, it recorded $0.2726. Despite several attempts to rally, investors’ negative sentiment and the crypto market at large resulted in bearish pressure on ADA’s price.

By June 17, ADA was trading at $0.2632, losing most of its past-months gains in a short period. However, in the last 3 days, Cardano (ADA) has been on a price rally as it recorded new prices on the historical data.

It recorded $0.2669 on June 18, $0.261 on June 19, and $0.2631 on June 20. Today, June 21, 2023, ADA is also showing an increase in its price. It is trading at $0.2788, with a 10.11% increase at the time of writing.

This dramatic price rebound could be tied to the release of a new development, Node 8.1.1, in the Cardano network. Although Cardano is projecting a bullish price outlook quickly, its price analysis based on technical indicators can hint at what to expect in the near future.

Cardano’s Strong Buy Signals and Bullish Outlook

According to several indicators on Tradingview, Cardano’s bearish era is gradually coming to an end. Considering the Relative Strength Index (RSI) position at 35.71, Cardano’s ADA is in the neutral market position between the oversold (below 30) and overbought zone (above 70).

However, the RSI is pointing upwards, indicating the increased and prevalent BUY trades in the crypto market. As such, ADA is likely to experience more buy trades, which could send the RSI from its neutral position to the overbought zone (above 70) before a trend reversal in the future.

Furthermore, the Moving Average Convergence/Divergence (MACD) indicator is above its signal line, a bullish sentiment. The negative value suggests possible fluctuations in the course of ADA’s trade. 

Meanwhile, considering the green bar on the histogram, ADA could see more price rallies amid fluctuations before the day ends. On the other hand, Cardano’s ADA is trading below the 50-Day and 200-Day Simple Moving Averages (SMA), a short and long-term bearish signal.

Despite the possibility of a bearish market for ADA in the short and long periods, the crypto’s price outlook is bullish, considering the RSI indicator. 

A trend reversal will likely occur in the coming weeks, followed by a golden cross, which could strengthen the bullish momentum on ADA’s price.

ADA Support and Resistance

Cardano’s support levels are $0.2776, $0.3259, and $0.3507. In contrast, its resistance levels are $0.3985, $0.4225, and $0.4708. ADA is trading a few pips below its strongest support level of $0.2776, suggesting a potential price loss in the nearest few days. 

However, if the price breaks out of this level, the digital assets could see new prices amid price consolidation. Also, considering ADA’s resistance levels, the cryptocurrency is prone to see more value in the future.

Note that cryptocurrencies are unpredictable and can change from the expected price trend. Therefore, adequate risk management strategies and technical analysis must be implemented before investing!

Factors Affecting the Market Price of Cardano

Cryptocurrencies are subject to several factors, including the laws of supply and demand, regulatory crackdowns, macroeconomic activities, public sentiment, and ecosystem-related developments.

As such, the recent Node update for ADA’s network could be the bullish driver of the crypto’s price.

Node 8.1.1 Update Unveiled for ADA Network

Cardano’s big step with the unveiling of Node 8.1.1 has brought vital improvements to the network. This version aims at resolving the issues associated with P2P/DNS while enhancing node performance, especially at the epoch boundary.

Node 8.1.1 release is significant as it unveils Cardano’s commitment to revolutionizing its infrastructure to provide a seamless experience for its users. The release has passed thorough test phases and is now qualified for deployment. 

Addressing concerns with P2P/DNS strengthens network connectivity, and interaction between nodes becomes effective.

Also, transitions within the Cardano blockchain would be smoother following the improvements in the node performance at the epoch boundary. The impact of these development efforts is seen in the increased activity on Cardano’s network. 

According to an analytics platform, Santiment, there has been a notable increase in development activity following the Node 8.1.1 release. This depicts Cardano’s team’s commitment and dedicated work toward improving the network.

Additionally, ADA’s market price has dramatically surged in this short period. Investors closely monitor ADA as the strong buy signals and short-term bullish outlooks emerge. The crypto’s Market Value to Realized Value (MVRV) has slightly increased, as well as its whale transactions.

This is a sign of increased interest from notable ADA holders. This positive market signal, the Node 8.1.1 release, and many other factors could positively affect the trajectory of ADA’s price.

Despite Cardano’s bullish outlook, investors can key into some high-price potential altcoins to diversify their portfolio. Consider Wall Street Memes as one of the zero-risk high-reward investment options.

Wall Street Memes (WSM)

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As a community-driven project, Wall Street Memes enables its members to come together, share memes, and discuss finance or crypto-related topics online. Wall Street Memes is currently offering its $WSM token in a presale fundraising campaign for $0.0298. 

In a short period, the tokens’ presale price will increase to $0.0301, indicating a new stage of the token’s presale. So far, $WSM has raised over $9 million in the presale and is set to reach its $9.9 million threshold before the end of the presale.

After the presale, the $WSM token will list on several exchanges, enabling community members and holders to make the most of their tokens in the market.

While the presale is still live, interested investors can buy now with their BNB, ETH, USDT, or card. Visit the presale’s official website today!