Cardano – Why ADA’s rally to $1.20 may be just beginning
Main Idea
Cardano (ADA) shows strong bullish signals with potential for further price gains, supported by technical indicators and buying pressure, despite Bitcoin's stalled momentum.
Key Points
1. Cardano (ADA) saw a 4.88% price gain in 24 hours, with daily trading volume increasing by 74%.
2. Key Fibonacci retracement levels suggest support at $0.673, with resistance levels at $1.03 and $1.2 as potential targets.
3. The CMF (Chaikin Money Flow) at +0.06 indicates significant buying pressure, and the MACD remains above the zero line, signaling bullish momentum.
4. The $0.78 level, previously a resistance, now acts as a support, reinforcing the bullish outlook for ADA.
5. Despite Bitcoin's struggle to break the $117.5K resistance, Cardano's technical indicators suggest a continued rally is likely.
Description
So long as Cardano prices stay above the $0.755 level, the short-term bias would remain bullish, and the altcoin can rally over the weekend.
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