• Cardano’s [ADA] price has been stuck at a critical support level.
• Bollinger Bands suggest a breakout is imminent, but it could go either way.
• Speculators have adopted a cautious approach due to the possibility of a price breakout.
Cardano (ADA) Stuck At Key Support Level
Cardano’s [ADA] price has been stuck at a critical support level for over a week and bulls haven’t seized the opportunity yet. A recent price report on Cardano [ADA] indicated that the $0.3 support was a good buy level, however prices remain stagnant as buyers and sellers tussle for dominance at this critical price level.
Bollinger Bands Suggest Breakout
A look at the ADA’s price action on the 12-hour timeframe showed that Bollinger Bands were tightening, which suggested that a breakout was imminent. With prices lying at such an important juncture, the breakout could go either way – bullish or bearish – so traders have adopted a cautious approach in anticipation of an impending move.
Funding Rates Positive But Uncertainty Remains
Despite the pullback, bulls have been able to hold on to prices around $0.3 support level due to increased buying activity from buyers propping up prices there. Funding rates remained positive but speculation in futures market remains uncertain as Open Interest levels fluctuated between $110 million and $120 million per Coinalyze data .
Bitcoin Rally Could Provide Impulse For Bull Run
The rally in Bitcoin [BTC], above $29k could provide the necessary impetus for ADA bulls if they are to break through key resistance levels around $0.35-$0.37 and push further higher towards its all-time highs of nearly $1 seen in 2018/19 . Meanwhile, relative strength index (RSI) hovered around neutral 50 while Chaikin Money Flow (CMF) lingered around zero mark which revealed neutrality among buyers and sellers while waiting for clear trend to emerge from current press time levels of near $0.3 .
Conclusion
As Bitcoin continues its bull run past 30K mark , ADA may witness upside momentum if bulls manage to break through key resistances of 0$0.35-$037 . On downside, failure of bulls will open doors for bears who will be aiming for 0$0.$25-$26 region should support fail . Hence speculators are advised to adopt cautious approach while trading this coin until decisive trends emerge from current press time levels near 0$.3
Die Kommentare sind deaktiviert.