Cardano (ADA) remains in a tight trading range, struggling to break past key resistance levels despite rising trader interest. With a potential breakout on the horizon, investors are closely watching whether ADA can surpass $0.756 or risk falling below $0.69.
Cardano (ADA) Market Performance
ADA’s price has largely remained unchanged over the past 24 hours, in contrast to the broader crypto market, which has seen significant upward momentum. The asset is currently consolidating between $0.695 and $0.75, showing signs of potential movement in either direction.
Technical Analysis: Key Levels to Watch
According to recent price trends and technical indicators, ADA’s next move hinges on whether it can break out of its current consolidation phase. If ADA successfully closes a daily candle above $0.756, analysts predict a strong 12% surge, potentially pushing the price to $0.85.
However, if ADA fails to maintain support at $0.69 and drops below this level, a decline toward $0.65 could be imminent. The cryptocurrency is also facing resistance from the 200-day Exponential Moving Average (EMA), which could impact its ability to sustain upward momentum.
Trader Sentiment and Market Participation
Despite the price stagnation, traders remain optimistic. Data from Coinglass indicates that traders have built $17 million worth of long positions, compared to just $3 million in short positions. This signals a bullish sentiment, with many expecting ADA to break higher.
Additionally, ADA’s trading volume has surged by 40% in the past 24 hours, reflecting increased market participation and growing investor interest. This rise in volume suggests that ADA may be gearing up for a significant move in the coming days.
Also Read: Cardano (ADA) Holds Key Support at 200DMA – Is Now the Best Time to Buy?
Whale Accumulation and Market Outlook
On-chain data reveals that whales and long-term holders continue to accumulate ADA, despite the current market volatility. This steady accumulation could serve as a catalyst for a potential price reversal if bullish momentum strengthens.
Cardano’s price remains at a critical juncture. A breakout above $0.756 could pave the way for a strong rally, while a drop below $0.69 may trigger further downside. With increased trading volume and strong long positions, ADA traders are bracing for a decisive move soon.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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