Is Cardano poised for a 20% rally? Charting ADA’s rise to $0.445
The post Is Cardano poised for a 20% rally? Charting ADA’s rise to $0.445 appeared on BitcoinEthereumNews.com.
contributor Posted: September 20, 2024 ADA’s Long/Short Ratio stood at the 1.034 level, indicating bullish market sentiment among traders. ADA’s Futures Open Interest increased by 8.5% and continued to rise steadily. In this ongoing market reversal, Cardano [ADA] appeared to be bullish and poised for a massive rally, driven by a potential breakout and bullish on-chain metrics. Currently, the overall market sentiment has shifted, with major cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] experiencing significant upside momentum, and now Cardano is following suit. Cardano price momentum In the past three days, ADA surged more than 10%, trading near $0.36 at press time after a price surge of over 3.8% in the last 24 hours. However, during this period, its trading volume dropped by 5%, indicating lower participation from traders and investors amid market reversal. Despite an impressive price surge in recent days, ADA was still trading below the 200 Exponential Moving Average (EMA), indicating a downtrend on a higher frame. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend. Despite this downtrend, ADA was near the neckline of a bullish cup-and-handle price action pattern at the $0.365 level at press time. Historically, this level has been a point where ADA faced significant selling pressure and experienced price reversals. Source: TradingView If ADA breaches this neckline or resistance level and closes a daily candle above $0.367, there is a strong possibility it could rally by 20% to reach $0.445. Bullish on-chain data This bullish outlook is further supported by on-chain metrics. Coinglass’s ADA Long/Short Ratio was at the 1.034 level at press time, indicating bullish market sentiment among traders. Additionally, ADA’s Futures Open Interest increased by 8.5% and continued to rise steadily. Source: Coinglass Traders and investors…
Filed under: News - @ September 20, 2024 5:26 pm