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ADA bulls have a bearish trend, and eyes are on the breakout resistance
- ADA is showing strong bullish momentum and potential for further price gains.
- Traders should use stop-loss orders to protect against sudden market fluctuations.
- Chaikin’s cash flow and Fisher’s conversion point to a positive outlook for ADA.
Despite the bear’s attempts to reverse the trend, the Cardano (ADA) bulls had the most control over the market over the past 24 hours. During the uptrend, the support and resistance levels were at $0.3709 and $0.39, representing the ‘buy’ and ‘sell’ areas respectively. As of press time, bullish strength remains strong, with ADA trading at $0.3898, up 3.03%, and showing signs of further upward movement.
If this bullish strength continues and the $0.39 resistance is broken, the next resistance levels could be at $0.40 and $0.42, which could attract more buyers and increase the value of ADA. However, if the bears take control, the support levels at $0.3709 and $0.35 could come into play.
While the market capitalization increased by 3.25% to $13,571,695,638, the 24-hour trading volume decreased by 4.36% to $396,835,225. This move indicates that the bullish momentum is fading and that the market may enter a period of consolidation before the next big move.
24-hour price chart (Source: CoinMarketCap)
The positive momentum in ADA is expected to continue soon with the Bollinger Bands widening as the market continues north. This movement shows that traders may consider investing in ADA in anticipation of additional price gains. The upper band reaches 0.399, while the lower band touches 0.353, which indicates bullish momentum.
An Aroon Bullish reading of 100.00% and an Aroon Low reading of 71.43% indicates that ADA is in a strong uptrend and the buying pressure will likely continue. However, this trend indicates that traders should be careful and use stop-loss orders to protect themselves from any rapid market fluctuations that could send the price down.
ADA/USD chart (Source: TradingView)
Chaikin Money Flow (CMF) moving north, with a reading of 0.46, indicates that the bullish momentum in ADA may continue as money is flowing into the market. This move boosts traders’ confidence in the ADA market and may entice more investors to join the bullish trend, which could push the price higher.
A Fisher Transformation reading of 0.52 and a move above its signal line confirms the upside in the ADA market, indicating a potential buying opportunity for traders looking to take advantage of the upside.
If it drops below its signal line, it could signal a turn to the downside, and traders may want to consider taking profits or cutting losses.
ADA/USD chart (Source: TradingView)
ADA bulls are showing strength, pushing past resistance levels. Traders should take advantage of stop-loss orders and watch for potential market volatility as momentum continues.
Disclaimer: The views, opinions and information shared in this price forecast are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
Post ADA Bulls Buck Bearish Trends, Eyes Set on Breaching Resistance appeared first on the coin issue.
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