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Cardano (ADA) moves upwards after consolidation

Cardano saw an uptick after moving laterally, and the coin has finally settled above the R7,49 support level. The coin gained 7.2% over the last week, but it has lost 1% of its market value in the last 24 hours. Following the consolidation, the coin aimed for its immediate resistance level.

If the coin maintains its current price level, bulls may be able to re-enter the market for a longer length of time. Buyers appear to be returning to the market, prompting ADA to show indications of relief.

If buying strength wanes, the coin may fall to R7,17, after which it may trade as low as R6,37.

Even now, the coin appears to be trading inside a narrow range, although the surge above the R7,80 barrier has signalled bullishness. Cardano’s price can rise above R7,96 if buying power remains consistent.

Four-Hour Cardano Price Analysis

On the four-hour chart, ADA was trading at R8,12 after breaking out of its consolidation phase. The altcoin’s nearest support level was R7,49, but a minor push from sellers might take prices down below R6,37. The four-hour chart showed positive signs.

An ascending trendline indicates a bullish trend (yellow). Buyers’ support may help Cardano grow to R6,37 and subsequently to R8,92. To totally debunk the bearish thesis, the coin must have traded above R8,92 for an extended period of time.

Cardano’s trading volume increased as well, showing that buyers were active in the market. The volume bar showed green, indicating that the price was rising. Over the last two days, buying strength has shown a persistent upward trend. The Relative Strength Index, which was far over the half-line, depicted the same image. This reading indicates that buyers have taken control of the market.

Other technical indicators also pointed to buyers seizing control. ADA’s price was above the 20-SMA line. A reading above indicates that purchasers were in charge of the price momentum since they were driving it forward. On the four-hour chart, ADA’s buying momentum was bullish. Moving Average Convergence Divergence represents both price momentum and a trend reversal. MACD completed a bullish crossover and displayed green signal bars.

These green bars represent purchase indications for the coin, indicating that the market was bullish. Other indicators have also revealed buyer strength.

Bollinger Bands, which show price volatility, were parallel on the chart. Parallel Bollinger Bands suggest that the asset’s price will remain in the same price range, indicating that the coin will continue to benefit.

Cardano (ADA) moves upwards after consolidation

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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