Cardano bulls aim $1.20, but first, ADA needs to break THIS price level
The post Cardano bulls aim $1.20, but first, ADA needs to break THIS price level appeared on BitcoinEthereumNews.com.
Cardano’s sentiment and technicals aligned as outflows signal investor confidence. Retail engagement rises while whales reduce exposure, forming a bullish structural base. Cardano [ADA] sentiment has flipped decisively bullish, with crowd and smart money indicators printing healthy scores of 1.24 and 1.99, respectively. At press time, ADA traded at $0.6846, down 1.83% in 24 hours. However, this minor dip came amid strong structural signs suggesting growing confidence and strategic positioning for a possible move higher. Despite the minor pullback, the alignment between rising sentiment and improving technical structure suggests that market participants may be positioning for a stronger upside move. Technical structure aligns with bullish momentum ADA reclaimed both its 9-day and 21-day Moving Averages (MA), sitting at $0.6434 and $0.6301, respectively, at press time. These levels serve as dynamic support, laying the groundwork for a potential price recovery. The Parabolic SAR has flipped below the price at $0.6153, signaling continued bullish momentum. However, ADA must surpass the $0.7626 resistance level, which has limited multiple bullish attempts in recent months. A decisive breakout above this zone, especially with strong trading volume, could pave the way toward $1.20—a key psychological level likely to drive further interest among traders. Source: TradingView ADA on-chain signals support the accumulation narrative Meanwhile, on-chain exchange activity further strengthens the bullish outlook. At the time of writing, spot exchange flows showed that $16.44 million worth of ADA exited trading platforms, compared to $13.41 million in inflows. This net withdrawal indicates that holders are moving their tokens into long-term storage or DeFi protocols, a behavior commonly associated with accumulation rather than distribution. Source: CoinGlass Meanwhile, the Total Value Locked (TVL) in Cardano-based DeFi stood at $395.43 million, dipping just 2% in 24 hours. While this decline may reflect minor repositioning, it does not align with panic-driven selling, especially…
Filed under: News - @ April 24, 2025 1:28 pm