Cardano Price Prediction: ADA Climbs by 3% – What’s Behind the Momentum?

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Recently, the cryptocurrency surged past its $0.25 support, initiating a steady ascent within a defined range. In the preceding week, ADA/USD fluctuated between $0.25 and $0.27, with its present trade standing at $0.26. Despite two attempts, the altcoin encountered resistance at the $0.27 mark, resulting in consecutive rejections.

The extended candlestick pattern presents a positive aspect by showcasing robust support at lower price levels in the market. This suggests that the cryptocurrency’s downward momentum might be curbed, given that buyers are actively upholding the price floor at around $0.26.

However, the situation contrasts with Cardano (ADA), which is exposed to potential decline due to its current position within a bearish trend zone. The altcoin has previously ventured into oversold territory, which historically has signaled a turnaround when buyer interest is reignited. This could drive ADA’s ascent beyond the resistance at $0.30, possibly surpassing the moving average line, indicating a potential bullish resurgence.

Analyses of Cardano Indicators

After surpassing the Relative Strength Index Level 39 for a 14-period span, Cardano has shown an upward correction. However, it has now transitioned into a downward trend zone following the retracement. Despite this, the altcoin maintains a bullish momentum, trading above the Stochastic daily level of 80. Yet, caution is advised as it flirts with the overbought market territory, potentially signaling a forthcoming decline.

Cardano Price Prediction: ADA Climbs by 3% – What’s Behind the Momentum? — Source: Tradingview

Cardano’s next step: What’s next?

Following the price surge on August 18, Cardano has settled into a trading range, displaying a notable trend. Within short timeframes, the altcoin successfully breached the moving average thresholds, initiating a retracement above these lines. This upward movement above the moving average holds the potential for sustained growth. Concurrently, the altcoin maintains its position above the established support level, indicating a favorable market sentiment in the interim.

Promising Alternative to Cardano (ADA)

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Popularity of Sonik in Asia: Secure Pre-sale Investment

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