![\"Cardano](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/12\/DEXTools.io_ADA_USD-PAN_2024-12-03_12-48-11.png\")
<\/p>\nThe Cardano price has surged 17% in the last 24 hours to trade at $1.28 as of 7:05 a.m. EST on a 54% pump in trading volume to $6.2 billion.<\/p>\n
The ADA\/USD trading pair in the 4-hour timeframe shows a strong bullish trend, moving consistently within a well-defined ascending channel. The price initially consolidated below $0.80, signaling accumulation by market participants and setting the stage for a breakout fueled by growing buying pressure.<\/p>\n
A pivotal moving average crossover occurred as the 50-period SMA (blue) moved above the 200-period SMA (green), forming a golden cross and confirming the onset of a sustained uptrend. These moving averages now provide dynamic support, stabilizing the price action.<\/p>\n
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ADAUSD Analysis Source: Dextools.io<\/p>\n
The price has continued rising within the ascending channel, making higher highs and lowers. Currently trading at $1.28<\/a> near the channel’s upper boundary, a breakout above this level could open the door to further gains. At the same time, a rejection might trigger a pullback to lower support levels.<\/p>\n Since mid-November, the price has followed a parabolic trajectory, reflecting accelerating bullish momentum and pushing it closer to the channel’s upper limits. After testing support near $1.05, the price rebounded sharply, establishing this level as a strong buyer zone.<\/p>\n However, the Relative Strength Index (RSI) at 73.72 suggests the market is overbought, indicating potential for a short-term correction or consolidation.<\/p>\n The MACD remains bullish, with the MACD line above the signal line, but the histogram shows tapering momentum, hinting at a possible slowdown.<\/p>\n Despite signs of potential short-term overextension, the broader trend remains firmly bullish, bolstered by the channel structure, parabolic momentum, and supportive moving averages.<\/p>\n The next major resistance level is at $1.4695, with a breakout likely signaling continued bullish momentum.<\/p>\n On the downside, support levels to monitor include $1.05, which aligns with the 50-period SMA, and $0.71, which is near the 200-period SMA.<\/p>\n Meanwhile, investors are flocking to acquire the Vote-to-Earn (V2E) meme coin Flockerz (FLOCK)<\/a>, which has just zoomed past $4.2 million in its presale.<\/p>\n The 99Bitcoins YouTube channel, boasting over 711k subscribers, suggests that $FLOCK could become the next 100x meme coin following its launch.<\/p>\nCardano Price Faces Overbought Signals, Eyes Key Resistance At $1.46<\/h2>\n
Flockerz Presale Heads Toward $5 Million – Next Crypto To Explode?<\/h2>\n