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Cardano (ADA) has gained 1.8% in the last 24 hours. At the time of writing, ADA was trading at $0.406. The gains made by ADA reflect what is happening across the broader cryptocurrency market. The overall cryptocurrency market cap is up 1.5% to $1.045 trillion.
Cardano creates a bullish trend
Cardano has traded between $0.39 and $0.41 during the past 24 hours, indicating that the token is experiencing mild volatility. ADA’s trading volumes over the past 24 hours stand at $773 million, indicating a nearly 50% decline over the past 24 hours.
ADA has a market capitalization of $14.25 billion, ranking it the 8th largest cryptocurrency. The gains made by ADA reflect the trend across the cryptocurrency space, as Bitcoin and most altcoins have traded in the green zone.
ADA could continue with the current uptrend because the broader market is still bullish. The buying pressure does not seem to be exhausted, indicating that more gains could be on the way, and ADA could be breaking higher levels.
If the bullish trend can be sustained, the next target will be $0.45, after which a rally to $0.50 could be seen. A rally to $1 will be likely if ADA can break out to $0.75. However, such a rally will be likely if the volatility increases and major price swings are seen across the crypto market.
The technical indicators show that a bullish trend is at play. The Relative Strength Index (RSI) stands at 57, showing that ADA is in the overbought zone. If the buying momentum continues, the likelihood of double-digit gains in the coming trading hours is high.
On the other hand, the Moving Average Convergence Divergence (MACD) line is also above the signal line, indicating that the trend is bullish. However, the MACD line is not far above the signal line, showing that the bullish momentum is weakening. Therefore, ADA could retrace and possibly go back to consolidate at around $0.38.
Diversify your crypto with these new cryptocurrencies
As ADA creates a bullish flag, there are other cryptocurrencies that you should also consider investing in for major returns. These cryptos include Dash 2 Trade, IMPT, and Calvaria.
Dash 2 Trade is one of the best cryptos to invest in. D2T is in one of the best presales of 2022. The presale has raised more than $2.8 million, and it is on the way to the second stage, where the price will increase. Dash 2 Trade is a platform that will give traders access to trading signals they can use to make informed investment decisions.
The other presale that you might consider investing in is IMPT. IMPT is the native token for the IMPT.io project. The project is tapping blockchain technology to bring efficiency to the carbon credits market. The IMPT presale entered the second stage after raising $10.8 million.
Calvaria (RIA) is a blockchain gaming project whose presale is also attracting much attention across the sector. The RIA presale has raised more than 300,000 USDT, entering it into the second stage. The second stage is over 50% sold.
Related
- Best Cardano (ADA) NFT Projects – 2022 List
- Best Cardano (ADA) Wallets in 2022
- Cardano is voted as the most interesting crypto on social media
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