As a seasoned crypto investor with years of market experience under my belt, I’ve seen more than a few wild rides in this rollercoaster world of digital currencies. This weekend has been particularly exciting, especially for Cardano (ADA). With its 25.69% surge since yesterday, it’s hard not to be impressed by the bullish momentum.
Over the weekend’s start, many cryptocurrencies have shown a positive trend, as reported by CoinStats.
ADA/USD
The rate of Cardano (ADA) has rocketed by 25.69% since yesterday.
In analyzing the hourly chart, I find that ADA is currently situated within its local channel’s midpoint. Given that a significant portion of the Average True Range (ATR) has already transpired, it seems improbable that any substantial price movements will materialize before the end of today.
Over a larger time period, the ADA rate is quite distant from significant markers. It’s crucial, therefore, to focus on the closing point of each bar, particularly its highest point.
If it happens around $1.15, the growth may continue tomorrow.
As we approach midterm, there haven’t been any indications of a change in direction just yet. If the weekly close is around $1.10, it could potentially push the price to challenge the $1.20-$1.30 range.
ADA is trading at $1.0686 at press time.
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2024-11-23 15:25