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The ADA price surged over 9% in the last 24 hours to trade at $0.06915 at press time.
ADA Price Attempts to Break Resistance
4-hour chart for ADA/USDT (Source: TradingView)
The ADA price has been exhibiting intriguing movements, showcasing potential bullish momentum in recent sessions. Closing prices on the 4-hour chart over the past 24 hours have displayed a steady uptrend. This upward trajectory suggests growing investor interest and positive sentiment surrounding ADA.
Examining the Exponential Moving Averages (EMA), the 9 EMA has consistently been above the 20 EMA, indicating bullish momentum. Specifically, the 9 EMA values have been progressively increasing, surpassing the 20 EMA values, which further reinforces the bullish sentiment.
The Moving Average Convergence Divergence (MACD) indicator also supports the bullish outlook. The MACD line has been consistently above the signal line, with increasing values over the past 48 hours. The histogram, representing the difference between the MACD and signal line, has also been consistently positive, indicating strengthening bullish momentum.
ADA In Overbought Territory
Furthermore, the Relative Strength Index (RSI) has been hovering in the overbought territory, indicating strong buying pressure. RSI values have steadily increased, reflecting growing bullish momentum and potential continuation of the uptrend. However, traders will want to keep an eye on this indicator on the 4-hour chart as traders generally see a crypto in overbought territory as a sell opportunity. This is due to the fact that the crypto’s downside is greater than its upside potential.
In our recent Developer Blog Interview @zolliedollie, CEO of @Rejuve_AI, discusses the mission to tackle aging challenges. The decentralized platform uses AI & blockchain to reward contributors, offer personalized insights, and connect with trusted providers in a… pic.twitter.com/haw8tdz4X8 — Cardano Community (@Cardano) February 26, 2024
Considering potential support and resistance levels, the $0.6193 mark serves as a crucial support level, followed by $0.6133 and $0.6004. These levels should be closely monitored for potential price reactions. Meanwhile, the ADA price faces immediate resistance at $0.6972, with the next key resistance level at $0.7759.
For long trades, entry points could be considered near current market prices, with confirmation from bullish candlestick patterns or breakout above the $0.6972 resistance level. Alternatively, for short trades, entry points may be identified if the Cardano price is rejected by the $0.6972 resistance level in the next 24 hours, accompanied by bearish confirmation signals.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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