Cardano Surges: Bullish Rebound Sparks Optimism For Further Upside

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Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	38,554,414,605	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

38,554,414,605

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.070	6.86%	1.09	1.09	1.09

Price Change

Price Change %

Current Price

Bid Price

Offer

0.070

6.86%

1.09

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.16	1.02	1.03	1.02	0.275966 - 1.05

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.16

1.02

1.03

1.02

0.275966 - 1.05

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:12:14	8.29	1.09	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:12:14

8.29

1.09

USD

Price x Volume	Volume	Base Symbol	Related Pairs
259,068,156.09	238,108,184.26	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

259,068,156.09

238,108,184.26

Cardano Surges: Bullish Rebound Sparks Optimism For Further Upside

18/11/2024 2:00pm

NEWSBTC

Cardano (ADA) is in the spotlight as a strong bullish rebound from the $0.6822 support level has reignited traders‘ optimism. This comeback marks a possible turning point for ADA, with renewed momentum driving the price higher and signaling a resumption of its uptrend. As buying interest strengthens, market sentiment appears to be shifting in favor of the bulls, raising the question: how far can Cardano climb in the coming days? All eyes are now on key resistance levels as ADA’s rally gains steam, fueling hopes for sustained growth. This analysis aims to delve into Cardano’s recent rebound from the $0.6822 support level and its implications for the asset’s future trajectory. By examining key technical indicators, market sentiment, and potential resistance levels, this piece seeks to assess whether ADA’s momentum can sustain its upward trend or encounter challenges along the way. Market Sentiment Shifts: Are Bulls Back In Control? Presently, ADA is demonstrating renewed positive strength after rebounding from the $0.6822 support level, steadily advancing toward the $0.8119 resistance level. This recovery indicates a significant shift in sentiment, with buying pressure triggering more price growth. Notably, Cardano is trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which not only reinforces the bullish trend but provides a strong foundation for further gains if ADA successfully breaks above the $0.8119 resistance. An examination of the 4-hour Relative Strength Index (RSI) shows that the RSI is trying to climb back above the 70% threshold after experiencing a decline to 57%, signaling a resurgence in buying pressure, reflecting renewed bullish momentum in the market. A break above the 70% level would indicate strong overbought conditions, suggesting robust demand and the potential for more price gains. Related Reading: Cardano (ADA) To Reach $6 By September 2025? Analyst Forecast 2021-Like Rally Also, the daily chart reveals strong upward movement for ADA, marked by the formation of a bullish candlestick as it recovers from the $0.6822 level. Trading above the crucial 100-day SMA reinforces the positive trend, indicating sustained strength. As Cardano continues to climb, it bolsters market confidence, setting the stage for growth. Furthermore, the daily chart’s RSI is currently at 80%, indicating robust optimistic sentiment as it remains above the 50% threshold. This surge follows a brief dip to 60%, showing that buying pressure has returned. While the high RSI suggests the asset is overbought, it also signals continued strength, pointing to possible gains. Next Targets For Cardano: Can The Rally Sustain Its Pace? ADA has demonstrated strong bullish momentum after bouncing from the $0.6822 support level, advancing toward the key resistance at $0.8119. Its ability to stay above the 100-day SMA on the 4-hour chart suggests sustained strength, signaling that Cardano could maintain its upward movement. A successful break above the $0.8119 resistance could propel the price toward the $1.26 resistance level, setting the stage for a price spike. Related Reading: Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow However, if the rally faces difficulty breaking through the $0.8119 resistance, it may result in pullbacks or consolidation, shifting focus toward key support levels. Featured image from Adobe Stock, chart from Tradingview.com

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ADAUSD Cardano