CandleFocus This is Why Cardano (ADA) May Struggle to Maintain $0.60 Level
2024-11-11
Author: Content Editor
Cardano's ADA price surged by over 35% to reach a multi-month high of $0.63 following Charles Hoskinson's announcement of plans to influence US crypto policy under the Trump administration. However, despite the market's enthusiasm, there are concerns that the rally may struggle to continue. The price surge was driven by Hoskinson's commitment to supporting US crypto policy initiatives. ADA's price is currently at $0.56, experiencing an 11% decline from its peak. The high Relative Strength Index (RSI) suggests ADA is overbought, increasing the likelihood of selling pressure and a potential price pullback. The coin's price is also above the upper band of its Bollinger Bands indicator, confirming its overbought status. If the market becomes overheated and buyers tire, the price may correct towards $0.54 or even $0.40. However, if trading activity remains strong, a breach of the $0.60 resistance could lead to a rally towards the year-to-date high of $0.81.
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