Cardano (ADA) Price Analysis: Consolidation Continues Amid Market Surge
While most major cryptocurrencies experienced significant gains, Cardano (ADA) remained stable over the past 24 hours. This is primarily due to its prolonged consolidation phase within the $0.695 to $0.75 range.
Technical Analysis and Price Forecast for Cardano (ADA)
Cardano’s price movement suggests that a major rally may only occur if it successfully breaks out of this consolidation zone. Until then, minor price fluctuations are expected to continue.
Based on historical trends and recent market behavior, if ADA surpasses the upper resistance and closes a daily candle above $0.756, it could trigger a bullish rally of over 12%, pushing the price towards the $0.85 mark.
On the other hand, if ADA fails to hold above $0.69 and closes below this level, a further decline to $0.65 could be expected in the coming days. Additionally, the cryptocurrency is facing resistance from the 200-day Exponential Moving Average (EMA), which could impact its short-term momentum.
At the time of writing, ADA is trading at approximately $2.42, reflecting a slight 0.50% decline over the past 24 hours. However, despite this minor dip, trading volume has surged by 40%, indicating increased trader participation compared to the previous day.
Market data suggests that traders are currently highly leveraged, with key positions placed at $0.711 on the lower end and $0.742 on the upper side. Over the past 24 hours, around $17 million in long positions and $3 million in short positions have been established, further reinforcing the possibility of a strong upward move.
Meanwhile, large investors and long-term holders continue to accumulate ADA despite market fluctuations, hinting at a potential trend reversal in the near future.
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