CandleFocus Cardano (ADA) Price Short Term Warning Flashed by This Indicator
2024-09-28
Author: Content Editor
The price activity of Cardano (ADA), the 10th largest cryptocurrency, is worth watching as a popular indicator has shown a sell signal on the ADA daily chart, suggesting a possible short-term correction. The TD Sequential indicator is commonly used to identify trend exhaustion and price reversals. While signals from this indicator can be speculative, caution is advised in the near term as profit-taking may occur. Despite this, Cardano has gained momentum in recent weeks, reaching highs of $0.415. Currently trading at $0.40, the target for the current rally is $0.49, with resistance expected at $0.44. If ADA fails to remain above $0.40, a drop below $0.36 could lead to consolidation between $0.31 and $0.40. The Cardano network has seen significant growth, reaching 96.94 million transactions, with the recent release of node v.9.2.0 and Lace v.1.16.
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