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04/24/2024

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Where is Cardano Headed Next? 

An analyst from Crypto Capital Venture suggests that despite fluctuating market conditions, Cardano (ADA) appears poised for a potential bullish reversal. The expert, who has been firm on his bullish stance...

Where is Cardano Headed Next? 

CardanoCryptomode Where is Cardano Headed Next? 

An analyst from Crypto Capital Venture suggests that despite fluctuating market conditions, Cardano (ADA) appears poised for a potential bullish reversal. 

The expert, who has been firm on his bullish stance for Cardano, discussed its positioning between the 20-week and 50-week moving averages, noting the cryptocurrency’s struggle to maintain a clear direction. Despite this uncertainty, the analyst leans towards a bullish outlook, emphasizing historical trends that suggest a possible reversal. According to him, the current market behavior mirrors scenarios from late 2020 when ADA experienced similar patterns of higher highs and lower lows, indicating a consolidation phase that could lead to substantial gains.

Further into his technical analysis, the analyst points to ADA’s recent performance, which has cooled down after escaping the bear market and landing in what he considered an oversold area on the weekly Relative Strength Index (RSI). He cites that this condition previously heralded strong reversals, sparking speculation about when ADA will retest the 20-moving average and the implications of failing to stay above the 50-moving average.

The analyst also touches on ADA’s resistance area, pinpointed around $0.50 to $0.52. He cites that closing candles above this level could signal a bullish reversal. He also mentions that the potential for a bullish divergence between the RSI and price is critical to watch. However, he warns that if ADA fails to surpass this resistance, the next focal point will be the support level determined by Fibonacci’s retracement on the short-term chart. This comes as analysts from Cheeky Crypto warn ADA could fall to $0.3.

Cardano Market Review: Where Is ADA In Today’s Session?

Cardano charts show the price is currently consolidating downwards, but could likely see a move back up should it break above the pattern. On the other hand, the Money Flow Index (MFI) is sitting at 27.05, which is near the oversold territory. This could indicate that the asset is undervalued and might experience a price increase if other conditions align.

1-hour ADA/USD Chart | Source: TradingView

The Volume Oscillator is at -2.22%, showing a slight decrease in volume relative to the moving average. This decrease in volume might indicate a lack of solid momentum in either direction. Based on stats from CoinMarketCap, Cardano held a spot price of $0.498 as of 9:35 a.m. UTC, down by 3.85% for the day. 

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