Journalist
Posted:
- Cardano is showing a bullish daily structure.
- Bulls had to move quickly to correct the range breakout.
Cardano [ADA] Last week, ADA made rapid gains. ADA saw a 20% gain from the 23rd until the 27th in September and almost retested its $0.418 level of resistance. Technical indicators showed a bullish trend.
The increase in the number of protesters seemed to indicate that a large demonstration was about to take place. active addresses The demand for organic products is expected to increase. This showed that the demand for organic products was expected to increase. Bitcoin [BTC] Cardano’s prices fell when they hit the $66k barrier.
Cardano’s price was predicted to rise in the long term, but its failure to reach the nearby level of retracement is a concern.
Suddenly, the range break fails
Source: ADA/USDT at TradingView
A set of Fibonacci levels was plotted based on the price decline in early July and late August.
The 78.6% level of retracement at $0.418 was the key to the bulls’ success in reclaiming the trend.
A range of $0.312 – $0.393 has been established over the past two month. Last week, the bullish mood drove ADA to the top of the range but still not above the Fib retracement at $0.418.
Over the last three days there has been a drop of 7% in price. The CMF, however, was above +0.05 which indicated a significant amount of capital flowing into the market. The daily RSI showed bullish momentum as well.
The $0.387 support level may serve as a short-term stop before the next upward move.
Cardano Price Prediction after $0.39 Liquidity
Source: Hyblock
Cardano had a lot of liquidity at the recent $0.39 trading level. The price is expected to reverse and move upwards toward $0.408.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
Cardano could be impacted by the BTC price decline this week.
Trading should therefore be careful and prepare for a possible rejection of the highs in a range.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or investment advice.
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Source: ambcrypto.com
