As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of market fluctuations and learned to navigate through them with cautious optimism. Today’s bullish trend is a welcome sight after a few turbulent days in the market, but I always remind myself not to get too carried away by short-term gains or losses.
Looking at Cardano (ADA), its 11.45% surge over the last 24 hours has caught my attention. While it’s exciting to see such a significant increase, I’ve learned from past experiences that we should always keep an eye on key resistance levels, in this case $0.9828. If the daily bar closes far from this mark, bears might regain control and potentially push the price down towards the $0.93-$0.94 zone.
However, a more positive outlook can be seen on the bigger time frame. If the candle closes around or above the $0.9890 level without a long wick, it could indicate a test of the $1.05-$1.10 area. From my experience, I’ve learned not to underestimate the power of accumulated energy in a bullish market.
From a midterm perspective, neither side is currently dominating, as the price of ADA is still far from key levels. This suggests that volume is decreasing, which points towards a possible period of sideways trading within the $0.80-$1 range.
At press time, ADA is trading at $0.9602. While today’s bullish trend is encouraging, I always remind myself to maintain a balanced approach and not let short-term gains cloud my judgment. After all, in the world of crypto, even the most stable coins can sometimes feel like a rollercoaster ride!
And as a final note, remember that investing in cryptocurrencies should always be done responsibly, with a clear understanding of the risks involved. As they say, “Only invest what you’re willing to lose, and never invest emotions!”
Bulls are back in the game after a few days of a bearish market, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has rocketed by 11.45% over the last 24 hours.
If the closing price of ADA for the day strays significantly from $0.9828, it could signal a takeover by the bears, potentially causing a quick decline to around $0.93 to $0.94 in the near future.
On a larger time scale, a brighter outlook can be observed. Yet, it’s crucial to consider the potential for the price to touch the $0.9890 level as it approaches closure.
As a crypto investor, I’ve noticed that when a candle closes near or above its body without a significant wick, it could indicate an accumulation of energy. This energy might propel the price to challenge the resistance levels in the $1.05-$1.10 range, potentially leading to a test of these prices.
Looking at the midpoint, neither side has a clear advantage since the price of ADA is yet to reach significant levels. Consequently, trading volume appears to be decreasing. Under these circumstances, it seems more probable that we’ll see sideways movement within the range of $0.80 to $1.00.
ADA is trading at $0.9602 at press time.
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2025-01-02 18:47