As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have learned to approach every price movement and indicator signal with a healthy dose of skepticism but also a keen eye for potential opportunities. The TD Sequential indicator’s sell signal on Cardano (ADA) has piqued my interest, as it suggests a possible short-term correction after the impressive rally we’ve seen in the past week.
Keeping an eye on the short-term price fluctuations of Cardano, the tenth-largest cryptocurrency, could prove crucial, as a well-regarded technical indicator has signaled on its ADA chart.
Based on the analysis by crypto expert Ali, the TD Sequential indicator shows a potential sell sign on the Cardano (ADA) daily chart, indicating a potential brief market downturn might occur.
The TD Sequential indicator is often employed in financial analysis to spot possible trend endings and price shifts. When it displays a sell warning, it usually implies that the asset might have been excessively bought, potentially signaling an upcoming downturn or correction.
Although the signs given by a certain trading indicator could lean towards speculation, Ali’s tweet advises being careful in the short term since there is a high chance that profits may be withdrawn.
Over the past week, the value of Cardano has picked up speed due to market surges that followed the Federal Reserve’s decision to reduce interest rates.
Initially, Cardano experienced a significant increase in value following its low point of $0.326 on September 16th. This upward trend continued, with Cardano reaching a peak of $0.415 by September 27th. The price fluctuations of ADA are currently a battleground between bulls and bears, but the bullish sentiment remains strong.
Currently as I speak, ADA has dropped by 0.30% over the past 24 hours to a price of $0.40. However, it has seen a weekly increase of 13%. The anticipated peak for this rally is at $0.49, but bulls may encounter strong opposition around $0.44, which is close to the daily Simple Moving Average 200.
If the price of ADA doesn’t manage to stay above $0.40, there’s a possibility it could dip down to about $0.36. This decrease might lead to the price stabilizing or consolidating around $0.31 and $0.40 for a while.
Cardano turns seven
The seven-year-old Cardano blockchain has experienced significant expansion, as evidenced by its latest update from IOG. This update indicates that the network now handles approximately 96.94 million transactions, with a total of 10.40 million native tokens in circulation. Additionally, there are 1.335 million delegated wallets and 88,340 Plutus scripts active on the network.
Just lately, the Cardano network unveiled version 9.2.0 of its nodes, bringing along various enhancements and bug resolutions. Subsequently, a minor update, Cardano node version 9.2.1, was rolled out to boost the efficiency of certificate validation.
“In recent updates, the new version of Lace (1.16) has been released, offering enhanced capabilities for handling numerous addresses, boosting the security of decentralized applications (dApps), and rectifying any existing issues.
Read More
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- AKRO PREDICTION. AKRO cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- W PREDICTION. W cryptocurrency
- USD ZAR PREDICTION
- EUR CAD PREDICTION
- EUR BRL PREDICTION
2024-09-28 18:58