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The Cardano price has soared 212% in the past month, despite a 2.5% fall in the last 24 hours, to trade at $1.08 as of 10 p.m. EST on a 25% in trading volume to $3.5 billion.
Cardano Price May Continue The Momentum Above The Bullish Channel
The ADA/USD chart on the 4-hour timeframe shows a clear bullish trend, with the price currently trading at $1.09331. According to GeckoTerminal, the price has steadily climbed within a well-defined bullish channel following a breakout from a prolonged consolidation phase. This upward movement gained further momentum, forming a parabolic curve that led to a sharp acceleration in the rally.
The consolidation phase acted as a foundation for the rally, the bullish channel provided structure to the trend, and the parabolic curve represented the recent rapid rise in price.
Key support levels include $0.827, which aligns with the 50-period moving average (MA), and $0.515, where the 200-period MA provides strong long-term support. On the upside, the price faces resistance at $1.20, a psychological level that could trigger selling pressure. A breakout above this level may pave the way for a potential climb to $1.30.
ADAUSD Analysis, Source: Dextools.io
The moving averages confirm the bullish momentum, with the 50-period MA staying well above the 200-period MA. The earlier Moving Average Cross signaled the beginning of the uptrend, marking a strong buy opportunity for traders at the time.
Meanwhile, the MACD remains positive, with the MACD line above the signal line, reflecting continued buying interest. However, the narrowing gap between the two lines indicates bullish momentum may be slowing slightly.
The RSI, currently at 72.58, indicates overbought conditions. While the bullish trend remains intact, a short-term pullback or consolidation is likely as the market digests recent gains.
If the price continues its upward momentum, it could break above $1.20 and target $1.30 in the medium term. However, a pullback may test support levels near $0.95 or $0.83.
Long-term investors could consider accumulating during dips near the 50 MA or 200 MA. The overbought RSI highlights the importance of careful entry and exit points in the current market conditions.
Best Crypto Wallet Presale Blasts Past $1 Million
With the Cardano price holding strong in its bullish trend, investors exploring promising alternatives may consider Best Wallet (BEST), a top-tier non-custodial Web3 crypto wallet that’s just surged past $1 million in presale funds raised.
Best Wallet has been created to simplify crypto management and connect investors to cutting-edge projects, offering a seamless experience.
The wallet includes features like the Best DEX, a decentralized exchange for effortless trading, and plans to launch the Best Card, making crypto spending as easy as swiping a bank card.
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— Best Wallet (@BestWalletHQ) November 23, 2024
The app also connects users to cross-chain bridges, offering competitive exchange rates for token swaps.
Also, when converting crypto into fiat, the app supports over 100 currencies, including USD, EUR, and GBP, through trusted partners like Alchemy Pay and MoonPay.
In addition, Best Wallet offers reduced fees, early access to new projects, boosted staking rewards, and airdrops.
With its Upcoming Tokens tool feature, users can access the presales of promising crypto projects, opening the doors to early investment opportunities. One of those projects right now, for example, is Pepe Unchained (PEPU), one of the most successful presales ever after raising more than $40 million.
The countdown is on—only 2 days left to join the $BEST presale at the lowest price! 🚀
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— Best Wallet (@BestWalletHQ) November 23, 2024
Investors can buy BEST tokens currently for $0.02272500. With the price set to increase in a little more than a day, buy soon to lock in the best deal.
To join the presale, download the Best Wallet app, use the Upcoming Tokens tool, and secure your BEST tokens.
Download the Best Wallet app here.
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