As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull runs and bear markets, but the crypto market continues to surprise me with its unpredictable nature. Today, Cardano (ADA) is one of the standout performers, climbing by more than 8%.
The crypto market remains green today, according to CoinStats.
ADA/USD
Cardano (ADA) is one of the biggest gainers today, rocketing by more than 8%.
On an hourly basis, the cost of ADA could have established a nearby resistance point at approximately $1.0961. Given that the daily Average True Range (ATR) has been surpassed, it’s unlikely we’ll see significant price fluctuations before tomorrow.
Looking at the long-term perspective, the momentum of ADA appears to be building up for a potential future surge. Since neither side has taken control, it seems that the price may continue moving sideways between $1.00 and $1.10 over the coming days until the end of the week.
On a weekly basis, the price is quite distant from key price points. It’s essential to focus on the immediate significant region around $1.00.
If the candle finishes higher than this level, you might observe a period of consolidation between $1.00 and $1.30 lasting until the end of the month.
ADA is trading at $1.0749 at press time.
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2024-12-11 17:47