As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of market fluctuations and trends. Today, I find myself intrigued by Cardano (ADA), which has shown a significant surge of 16.54%. However, my cautious optimism is tempered by the recent false breakout above the local resistance at $1.3081.
Most of the coins have come back to the green zone after a correction, according to CoinMarketCap.
ADA/USD
Cardano (ADA) is one of the biggest gainers today, rocketing by 16.54%.
Although there was an increase in ADA’s price today, it appears that the price will decrease following a misleading surge past the local resistance level of $1.3081.
If the daily bar closes near the support level, there is a chance to see an ongoing drop to the $1.15-$1.20 zone.
Focusing on the larger time span, keep an eye on whether the candle closes below the $1.2424 mark. If it does, accompanied by a long wick, traders might take control, potentially indicating a sell signal.
Looking from a midterm perspective, it’s advisable to hold off until the weekly price chart finishes closing. If it ends close to or above the $1.30 level, there might be further growth potentially reaching between $1.40 and $1.50 by the end of the month.
ADA is trading at $1.2557 at press time.
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2024-12-03 16:19