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The Cardano token has continued its bullish momentum today. The price of the token has further increased by 9.83%. This movement was sufficient to push the token above the $0.7500 price level after breaking through the resistance at the $0.7000 price level. Based on technical indicators on the price chart, this coin still has the potential to continue its upward trend.
ADA Statistics:
Cardano’s Price: $0.7500
Cardano’s Market Capitalization: $25.90B
ADA Circulating Supply: 35.02B
ADA Total Supply: 44.99B
Cardano’s CoinMarketCap Rank: 9
Key Price Levels:
Resistance: $0.8000, $0.8500, $0.9000
Support: $0.7000, $0.6500, $0.6000
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ADA Aims Higher
The Cardano token has maintained its bullish momentum, with the previous session ending in significant gains for buyers. Today’s session has started on a similar note, with the market recording an additional price increase of 9.83%. As a result, the coin continues to trade above the Moving Average (MA) lines.
Additionally, the 50-day and 200-day MA lines are converging for a potential bullish crossover below price action. Furthermore, the Stochastic Relative Strength Index (Stochastic RSI) lines are heading higher into the overbought region following a crossover just above the indicator’s 80 mark. Consequently, this suggests that the market may continue to rise as trading activity persists.
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Cardano Price Action May Overcome Resistance
The ADA 4-hour market reveals that price action is becoming slightly strained, based on the appearance of the current session. It can be observed that in this timeframe, price action has continued its upward trend for the past five sessions. However, the latest price candle indicates that market forces influence price movements.
The mentioned price candle has a small body, almost centered, suggesting a potential pause in the upward momentum. Nevertheless, trading activity remains above all the MA lines. Additionally, although the Stochastic RSI lines are in the overbought region, the indicator lines move sideways, suggesting that bullish momentum is still present. Therefore, crypto signals targeting the $0.8000 mark may be useful in this market.
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