ADA Crypto Technical Analysis
Key Insights
- Since late October, ADA crypto soared from $0.24 to $0.68, a whopping 185% rise, backed by strong market activity and breaching a key resistance level at $0.46.
- Increased trading volumes accompany ADA Cardano climb, indicating robust market participation, while the breach of the $0.46 resistance underscores the current trend's resilience.
- Despite the surge, there's a potential for profit-taking and stop order liquidations, suggesting a possible retracement to $0.46, possibly leading to market consolidation before probable further upward movement.
As of this writing in December 2023, ADA Cardano holds the 8th position on CoinMarketCap. The Cardano market cap is $22.31 billion. Users can get ADA for fiat or crypto on SimpleSwap.
ADA Crypto Technical Analysis
Since late October of this year, there has been a significant surge in the price of ADA. This upward trend started from $0.24 for and has been ongoing for ADA Cardano for over a month.
Currently, the ADA crypto has reached a price of $0.68, marking the highest value in 2023. The overall increase has been over 185% (please see the Cardano price chart).
The positive momentum is accompanied by a substantial increase in trading volumes, emphasizing market participants' activity. An important point is the successful breakthrough of a strong resistance level, which was recorded at $0.46. This fact indicates the strength of the current upward trend.
ADA Price Prediction
At present, there seems to be an evident overheating of the ADA price following a growth of more than 185%.
There's a possibility that profit-taking activities have begun among market participants, as well as liquidation of stop orders for those who entered positions at the peak price. We anticipate a potential correction and retesting of the previously surpassed resistance level at a price of $0.46.
This level is supported by volume analysis and represents the 0.5 Fibonacci level, adding to its significance. We presume that the ADA crypto correction might allow the market to consolidate before a potential further upward movement, considering the strong support at this indicated level.
Our skilled SimpleSwap analyst offers a trading scenario with ADA on TradingView.
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