ADA Breakout Alert, Cardano Set for 30% Rally

Share This Post

cardano price

The post ADA Breakout Alert, Cardano Set for 30% Rally appeared first on Coinpedia Fintech News

Despite the bullish market sentiment across the cryptocurrency landscape, Cardano (ADA) has been the only major cryptocurrency that has not experienced a significant upside rally.

However, this idle cryptocurrency is now poised for a notable rally, thanks to Donald Trump, whose presidential win has shifted market sentiment, leading to the breakout of a strong resistance level.

Cardano (ADA) Technical Analysis and Upcoming Level

According to expert technical analysis, ADA has broken out from a strongly inclined trendline that it has been facing since April 2024. This breakout occurred after 38 days of price consolidation, which is now considered a bullish sign.

Source: Trading View

As of now, ADA is facing resistance from a 200 Exponential Moving Average (EMA) on a daily time frame, which further indicates a downtrend.

Following this breakout, experts suggest that there is a strong possibility ADA could soar by 30% to reach the $0.50 level in the coming days. However, this bullish thesis will hold only if ADA closes a daily candle above the $0.40 level; otherwise, it may fail.

ADA’s Price Analysis 

The potential reason for this breakout is the price surge and the bullish market sentiment. Currently, ADA is trading near $0.39 and has experienced a price surge of 12% over the last 24 hours. During the same period, its trading volume decreased by 13%, indicating lower participation from traders and investors.

Bullish On-Chain Metrics 

Additionally, this breakout has also attracted new positions in the past 24 hours. According to the on-chain analytics firm Coinglass, ADA’s open interest has jumped by 18% and continues to rise steadily. This increasing open interest suggests growing trader interest and confidence in ADA and its upcoming price rally.

Source: Coinglass

Meanwhile, ADA’s Long/Short ratio currently stands at 1.03, indicating a strong bullish market sentiment among traders.

When combining on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and could support ADA in its upcoming rally.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share

The post Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share appeared first on Coinpedia Fintech News Despite persistent fear, uncertainty, and doubt (FUD), Binance’s customer

India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration

The post India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration appeared first on Coinpedia Fintech News The Reserve Bank of India (RBI) is enhancing its cross-border payments

XRP Price Prediction For November 25

The post XRP Price Prediction For November 25 appeared first on Coinpedia Fintech News Ripple’s XRP is currently down by more than five percent and is trading near the $140 levels Majority of the

WBTC Flash Crash on Binance, Price Plunges to $5,200

The post WBTC Flash Crash on Binance, Price Plunges to $5,200 appeared first on Coinpedia Fintech News On November 23, 2024, Wrapped Bitcoin (WBTC) experienced a sudden flash crash on Binance,

Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption

The post Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption appeared first on Coinpedia Fintech News After signing a memorandum of understanding (MoU) with Bitcoin

Ethereum Price Poised for Gains: $3,600 Within Reach?

Ethereum price started a fresh increase above the $3,320 zone ETH is rising and aiming for more gains above the $3,500 resistance Ethereum started a fresh increase above the $3,300 and $3,320 levels