As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bear markets and bull runs. Today, I find myself intrigued by the resurgence of ADA, Cardano’s native token. With over 10% gains, it’s making a strong comeback, much like a grizzly awakening from hibernation.
Bears are getting back in the game, according to CoinMarketCap.
ADA/USD
Cardano (ADA) is one of the biggest gainers today, rocketing by more than 10%.
On an hourly chart, the cost of ADA is close to its current resistance level at approximately $0.8484. If buyers maintain control throughout the day and the closing price remains near this level, further rise towards the $0.90 price range could be expected.
Looking from a midterm perspective, traders ought to pay attention to whether the candle finishes near the $0.8193 level. If the bar concludes without a long wick, there might be enough accumulated momentum for a continued uptrend towards the $0.90-$0.95 range in the near future.
Looking from a midterm perspective, things seem quite consistent for now. As of now, we haven’t seen any indications of a reversal, but it’s important to be patient and wait till the end of the weekly bar before making any decisions.
If it happens around current prices, there is a possibility to see a test of the vital $1 zone.
ADA is trading at $0.8224 at press time.
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2024-11-20 16:01