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The latest market figures show that Cardano (ADA) is gaining ground following a recent price leap. Many traders believe that this push could feed another big step for the medal. With the stable price, buyers look at an important price that could shape what will happen next.
During last week, Cardano jumped around 10%, giving merchants who watched him dive the previous weeks.
Coinmarketcap data show that ID was negotiating about $ 0.637 at the time of the press. Reports also show that ADA is close to its 20 -day exponential mobile average (EMA). This line follows the price of the part in the last 20 days, which gives more weight to the most recent prices. A decision above this level often indicates a change in market management.
ADA has not completely broken above this level, but it is near. Merchants pay attention because a proper decision above shows that buyers take control. If this happens, Cardano could push around $ 0.70, which is considered to be the next major level of resistance of the room.
The data on the chain also supports this perspective. The network has produced the profit / loss metric (NPL), which indicates whether traders are generally profitable or losing, has recently become negative. This implies that many ADA holders are currently at a loss.
When this happens, the sale tends to decrease, by reducing downward pressure on the price and potentially contributing to the stability of prices or even a progressive increase.
Cardano’s price Tald. Source: tradingView.com
On the graph of one ADA / USD day, the Chaikin monetary flow indicator (CMF), which measures the amount of capital that enters and out of the asset, is currently positive at 0.03. Although this value may seem modest, it always indicates that the purchase of the pressure prevails over the sales pressure.
In a recent development, Cardano is now listed on interactive brokers, giving Wall Street Direct Access. This step has triggered new speculations that $ 10 ADA could be the next one.
It should be noted that even with the recent price increase, the ADA trading volume has dropped. According to CoinmarketCap, in the last 24 hours, commercial activity fell by more than 8.6%. This took place at less than $ 636.93 million from ADA negotiated.
This slowdown in the volume could mean that some traders are waiting for a clear break before making their next movement.
ADA is one of the first three cryptocurrencies taken up by these great players this month. This suggests that they are soon expecting something bigger from Cardano.
However, the play has not followed Bitcoin or Shib, which have experienced stronger rallies lately.
If Cardano cannot stay above $ 0.60, it could fall to $ 0.40. However, if buyers continue to intervene, a break is still possible. If ADA rises above $ 0.7002, with RSI greater than 55 and a MacD cross, the traders could see a gathering around $ 1 or more.
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Non-liability clause: Coinspeaker undertakes to provide impartial and transparent reports. This article aims to provide precise and timely information, but should not be considered as financial or investment advice. Since market conditions can change quickly, we encourage you to check the information for yourself and consult a professional before making decisions according to this content.
Benjamin Godfrey is a blockchain enthusiast and a journalist who savor the writing of actual applications for blockchain technology and innovations to stimulate general acceptance and global integration of emerging technology. His desire to educate people on cryptocurrencies inspires his contributions to renowned media and blockchain sites.
post url: https://altcoin.observer/the-cardano-price-stabilizes-but-the-market-bulls-are-pressure-for-more/
