Cardano’s (ADA) price is rising above moving averages on shorter time frames, thanks to a surge in the short term. The mid-term levels of resistance will put a test on this current momentum. Can the bulls keep control? reversal What’s on the Horizon?
ADA Pushes Above Key EMAs: Bulls Seize Short-Term Momentum
Cexscan for Analysts on X pointed out Cardano is exhibiting a positive trend in the 30-minute charts. The price of this asset is above the Exponential moving averages (EMAs) for 20, 50, 100 periods. This indicates a growing buying interest. momentum There are many short-term traders.
Relative Strength Index, or RSI for short, is in an overbought state. This adds to the strength of the current outlook. Cexscan thinks that while this usually signals a pause or a small retracement it could be overridden by the bullish price pressure. correction As long as the volume is healthy, it will be possible to achieve this in a short time.
Overall, ADA’s bullish EMAs combined with elevated RSIs and the sustained momentum of ADA paints a picture that is optimistic. Cexscan stated that Cardano may continue to rise if it maintains its current trajectory. Opportunities could also arise intraday along the path.
Cardano caught in a tight range: When will the breakout come?
Thomas Anderson analyzing Cardano’s chart for the 4-hour time period in a recent article updateThe price is moving in a sideways pattern around $0.3374. This consolidation occurs between an established resistance of $0.7612 support At $0.6874 both are indicated with horizontal lines in yellow. Market appears to have taken a break, possibly preparing for a decisive move.
The 200-period Moving Average is highlighted in red and sits above the price at the moment. It acts as an indicator. resistance level. It is important to keep an eye on this moving average, as it has been known to block bullish efforts. It could trigger renewed interest in buying if it breaks above the moving average.
Anderson noticed that Cardano was still stuck in the same consolidation pattern. The RSI is at 51 and reflects a neutral stance. The MACD is also neutral. The MACD indicator also shows little directional bias. market It is still waiting for the breakout catalyst to choose its next course.
Anderson concluded his presentation by emphasizing the trendline ascending resistance as an important key. technical level. An intraday gain could be possible if the price moves strongly above this line, particularly for scalpers. If ADA is rejected at this level, it could head towards the lower range and offer potential shorting for traders who are watching.
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Source: www.newsbtc.com
