CJ - Cryptocurrency Enthusiast
Recent data shows that Cardano (ADA) has been climbing over the past 24 hours
The intraday high of $0.2623 is presenting resistance to the price of ADA
Technical indications suggest that if bulls hold the resistance level, the bull run can continue
Bulls in Cardano (ADA) were able to reverse the negative trend after having a brief decline during the day after establishing support at $0.2482. The price rose rapidly under this bullish domination until it ran into resistance at the intraday high of $0.2623.
As of press time, Cardano's (ADA) price was $0.2594, an increase of 2.72%.
Market capitalization and 24-hour trading volume both increased by 2.70% and 51.33% in response to this increasing trend to $8,951,124,534 and $211,646,816.
This bullish domination in ADA is anticipated to last until bulls' power runs out as the Keltner bands spread and point upward, with the upper band reaching at 0.2659 and the lower band touching at 0.2480. This idea of an ongoing bull run is supported when the price action continues toward the upper band.
Investors are worried about the movement of the Know Sure Thing (KST) indicator, which is now in the negative territory with a value of -38.6521. The fact that this downward trend is above its SMA line, suggesting that bulls are still in control, helps to temper it. The Chaikin Money Flow (CMF) is projected to continue moving in a positive direction, continuing to dominate the market. This is shown by a reading of 0.15, but the fact that it points south alerts traders to the possibility of a reversal if the CMF line enters the negative sector.
The Aroon indicator shows a bullish crossing (Aroon up above Aroon down), with the line reaching 85.71% and 64.26%, respectively. The ADA market may experience a protracted bull run given this movement's indication that bull vigor is still strong.
With a reading of 92.18, the stochastic RSI is in the overbought area and below its SMA line, signaling the conclusion of the bull run. However, if bulls do not continue to fight, this serves as a caution to traders to keep an eye out for a potential reversal in the near future.
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