Cardano Moves Toward $0.4233, Will ADA Maintain Its Uptrend?
2024年7月12日 - 10:00PM
NEWSBTC
Cardano (ADA) lately has been steadily climbing toward the $0.4233
resistance level. This upward movement which has persisted for a
while now is raising curiosity among market participants as to
whether the crypto asset can continue to maintain its bullish
momentum and break through this significant resistance level.
Also, Cardano’s recent price performance has showcased its
potential for further growth. As ADA continues to maintain its
steady upward trajectory, this article delves into exploring this
current price action and analyzes technical indicators to determine
if the crypto asset can hold its gains and push beyond the $0.4233
resistance mark or face a pullback and begin the drop again. With a
market capitalization of more than $14 billion and a trading volume
of more than $304 million as of the time of writing, the price of
Cardano is currently down by 1.82%, trading at around $0.4008 in
the last 24 hours. ADA’s market cap and trading volume are
currently up by 1.73% and 41.13% respectively. Assessing ADA’s
Potential To Break Through $0.4233 Currently, on the 4-hour chart,
the price of ADA is gradually rising with steady momentum and
making a move with strong bullish momentum toward the $0.4233
resistance mark. Furthermore, it is evident that the cryptocurrency
asset has broken above the 100-day Simple Moving Average (SMA). The
formation of the 4-hour Relative Strength Index (RSI) also suggests
a continued steady bullish rise for ADA’s price toward $0.4233 as
the signal line of the indicator has been maintaining a constant
movement above 50% and is attempting a move into the overbought
zone. On the 1-day chart, although the crypto asset price is still
trading below the 100-day SMA, it has been on a steady rise toward
the $0.4233 resistance mark. If this upward momentum persists,
Cardano could reach this mark and break through it. Lastly, an
analytical examination of the formation of the 1-day RSI reveals
that Cardano could sustain its bullish momentum and attain the
$0.4233 mark as the signal line of the indicator has risen above
50%. Can Cardano Sustain Its Momentum? If Cardano can
maintain its current bullish momentum to reach the $0.4233 mark and
close above, it may continue to move upward to test the $0.5229
resistance level. When this level is breached, the digital asset
may experience further price gain toward the $0.6822 resistance
level and possibly other levels above. Conversely, If ADA’s price
faces a pullback at $0.4233, it will start to decline once more,
heading back toward the $0.3389 support level. Furthermore, Cardano
may see further price decline to test the $0.2388 support level and
perhaps other levels below if this $0.3389 point is broken.
Featured image from Adobe Stock, chart from Tradingview.com
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