CandleFocus Cardano (ADA) 10% Price Increase Within Reach
2024-09-24
Author: Content Editor
Cardano (ADA) has experienced a 10% increase in price over the last week and may see another 10% increase if buying pressure continues. This rise would push ADA past the resistance level at $0.40. ADA has been trading within a horizontal channel with support at $0.31 and resistance at $0.40 since August 1. The recent spike in ADA's price, along with positive indicators such as the Relative Strength Index (RSI) and positive funding rate, suggest growing bullish momentum and a potential breakout. ADA's bullish outlook is further supported by its positive bull-bear power, indicating that buying pressure is stronger than selling activity. If buying momentum continues, ADA may rally towards $0.40 and potentially reach $0.47. However, if the breakout attempt fails, ADA's price may fall back to support at $0.31.
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