2023-11-28 10:43 |
Cardano’s native token, ADA, shows signs of bottoming at a crucial technical indicator but still lacks evidence to confirm sustainable upside momentum, notes trader Ali. While the short term suggests accumulating strength, ADA must conquer familiar resistance to validate any bullish theses.
According to Ali, the 100-period exponential moving average (EMA) on ADA’s 4-hour chart has consistently provided support and bounces. This level has caught each breakdown attempt thus far. At the same time, $0.396 stands out as stubborn overhead resistance on upswings.
Now, ADA is favored to tack on additional gains in the near term per a buy signal on its TD sequential momentum indicator. Ali anticipates the 100-EMA providing the necessary springboard, as it has reliably done in the recent pullback.
However, truly confirming emergent strength requires Cardano to break above $0.396 resistance. A decisive 4-hour candle close beyond that level signals upside continuation and negates lingering doubts. Still, Ali advises paying equal attention to ADA possibly losing the 100-EMA floor once more.
Read also:
Why Did Waltonchain (WTC) Coin Price Crash by 60%? 160k+ Cardano Wallets Buy 5 Billion ADA Above Key Support, But This Metric Signals Risk – Top Analyst Reveals Critical Prices SUI & NEAR Investors Alert: Why Everyone’s Talking About Rebel Satoshi’s Explosive PresaleIn summary, while short-term signals flicker bullish for a Cardano dead cat bounce, only conquering formidable resistance can begin restoring confidence in sustained buying momentum past immediate counterattacks. Until then, the tentative balance retains a shaky foundation vulnerable to deterioration.
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The post This Indicator Flashes a ‘Buy’ Signal for Cardano (ADA) – But There’s a Catch appeared first on CaptainAltcoin.
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