2023-10-26 12:51 |
Digital token Cardano (ADA) recorded bullish actions as the crypto market launched a broad-based rally within the past week. The altcoin climbed from the $0.247 lows of 19 October to its current price of $0.280 following sustained upsides over the last six days.
ADA 7-Day Chart on CoinmarketcapConsequently, ADA surged more than 14% in its seven-day chart. The performance remains impressive despite the altcoin being far from its $3.10 ATH of 2 September 2021.
Meanwhile, Cardano seems ready to extend its current uptrends as it displays bullish signals. The altcoin has created a falling wedge pattern, highlighting upcoming uptrends for digital coins. The setup confirms that bulls have steadily outshined bears, often leading to an upside breakout.
However, traders should consider the top trend line when trading this pattern. A break beyond the line, which presents a lucrative buy opportunity, will confirm the imminent bullish breakout.
Cardano’s support and resistance levels Source – TradingViewADA’s latest price movements have established $0.25 as a dependable support. The value area has been crucial for the token’s swings, confirming its significance.
Meanwhile, the crypto has the initial substantial resistance at $0.30, which remains vital as it previously served as ADA’s support level.
The Moving Average Convergence Divergence Line supports near-term upswings for ADA as it sways beyond the MACD Signal Line. Also, the Relative Strength Index hovered above 55, suggesting bullish strength.
Nonetheless, Cardano exhibits a downtrend when evaluating its medium and longer-term structure. Enthusiasts should be cautious and consider short-term opportunities.
The falling wedge setup and positive indicators confirm a potential short-term upsurge for ADA. Traders may have to watch the support at $0.25 and resistance at $0.30 when evaluating the token’s breakout potential.
A move below the $0.25 foothold will see ADA hitting the next support at $0.22, whereas solid upswings beyond $0.30 might welcome a smooth sail the the hurdle at $0.42.
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