Cardano Bounces amid Positive Sentiment but Can ADA Sustain?
Cardano’s native coin ADA saw a lucrative bullish recovery over the past 72 hours as the overall crypto market saw improved sentiment. For now, the index hovers in the fear region, an enhancement from last week’s extreme fear readings. The sentiment shifts emerged timely, as it had ADA recovering after hitting a support floor.
Cardano has had its price actions inside a megaphone setup reinforced by resistance and support. ADA touched the support barrier near $0.93 before recording upward moves (on Monday). The bulls kept their momentum and held the line at this publication. Meanwhile, ADA trades neat the $0.97 value area.
ADA’s April bearish fall began after the March upticks retested the $1.24 support barrier. The Relative Strength Index saw an upward action to the neutral level, whereas the on-balance volume recorded positive volume flow over the past three days. Yesterday’s sessions saw Cardano’s Awesome Oscillator crossing beyond the zero-line. That confirmed the trend shift in the bulls’ favor.
ADA also recorded substantial surges in its dYdX and Binance funding rates. That means ADA’s rates at which investors could access derivatives advanced to correspond with the upsurges, reflecting improved confidence in the marketplace.
The “age consumed” index saw a massive surge, showing that most Cardano tokens changed hands after staying dormant for long periods. That can be due to the surged exchange outflows within the previous three days.
Is Cardano Prepared for Massive Pump?
Cardano’s latest footing shows the token attaining higher price floors. Meanwhile, the age consumed metric surge shows massive accumulation as ADA’s recent lows. These developments, coupled with the reversals, signal possible massive bullishness ahead.
The following resistance retest can be substantially higher than the last one since the megaphone setup forms more divergence with time. However, market players should be careful since market conditions are prone to random fluctuations. Do not put all your baskets in a single basket, as bearish actions can emerge.
Also, the broad market sentiment would define ADA’s future. For now, the crypto market trades with gains. The global market cap climbed to $1.95 trillion. Maintaining the upside stance would support Cardano’s upside trajectory.
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