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The ADA token has seen a price increase of 6.36% today. This move suggests that the market may be preparing to continue its sharp upward correction. The current price candle appears bullish, indicating the market may break through the next technical resistance level.
Cardano Statistics:
ADA Price: $0.7808
ADA Market Capitalization: 27.87B
Cardano Circulating Supply: 35.03B
ADA Total Supply: 45B
Cardano CoinMarketCap Rank: 9
Key Price Levels:
Resistance: $0.8000, $0.8500, $0.9000
Support: $0.7500, $0.7000, $0.6500
Cardano Bulls Resume Action
The ADA market has been on a sharp upward correction since November 6th. The upward correction has seen the market breakthrough multiple technical resistance levels. Over the past four sessions, the market has attempted to break through the $0.8000 price level but lacked the strength to sustain it.
The recent price increase suggests strong bullish participation as the market trades above all Moving Average (MA) lines. Additionally, the Stochastic Relative Strength Index (RSI) lines have fallen slightly below the indicator’s 80 mark. However, the lead line of this indicator appears to be deflecting towards a potential crossover. Therefore, if a crossover occurs, upward momentum could gain strength.
ADA Bulls Are Staying Vibrant
Even in the Cardano 4-hour market, buyers are showing considerable consistency. The previous price candle found support above the 20-day MA line. Subsequently, the current session has continued the upward trajectory, lifting prices further above the 20-day MA. Additionally, the Stochastic RSI lines steadily rise out of the oversold region.
The leading line is already above the 45.00 threshold, while the lagging line is around the 30 mark. Consequently, this suggests that the market may rise towards the $0.8250 price level. Therefore, crypto signals targeting this price level may be worth considering in this market.
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