Cardano ADA to Hit New 2023 Highs
Discover the dazzling world of cryptocurrency with Cardano ADA. The crypto industry is currently showcasing significant price volatility, with the ADA price experiencing a 7% loss within the past day. This highlights a strong bearish sentiment over the market.
However, as the market pump cooled off, ADA coin price displayed neutral trends, indicating a decrease in buying pressure. Despite this, the bulls regained power and broke out of the resistance level, leading to a promising rally. The price reached over a 36% jump, marking a notable development.
TradingView: ADA/USDT
Even though the price demonstrated a correction, the bulls managed to keep the price strong above the support level, resulting in a bounce back. For over two weeks, Cardano ADA price traded within a consolidated range, indicating reduced buying pressure.
Recent attempts by the bulls to break out of the trend were met with rejection, leading to a pullback within the closed range.
Time to Check the Crystal Ball?The Moving Average Convergence Divergence (MACD) is flashing a constant red histogram, suggesting bearish influence in the crypto market. Moreover, the bearish convergence of averages indicates a potential value loss this week.
If the bulls can propel the price above the resistance level, Cardano ADA price will gear up to test its upper resistance over the weekend. If the price holds at that level, it will attempt to test its resistance level in the coming week. However, if the bears dominate the market, the ADA coin price will tumble and prepare to test its lower support level in the coming time.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
