Cardano’s (ADA) long-term believers, otherwise known as crypto bulls, are once again going after the $0.24 resistance neck-line. The market’s sentiment has shifted to ‘greed’ levels, while retail traders are slightly optimistic about Cardano’s (ADA) price ascension.
Cardano’s Price Levels To Monitor This Month
In her latest technical analysis, crypto charter Lana Valentis stated that “the first bounce from a broken descending channel is complete with consolidation above $0.19 support”. The second bounce highly depends on the confluent resistance at $0.24, she highlighted.
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Since the OG altcoin has managed to break the descending channel on the one-day candlestick based Cardano (ADA) price charts, there’s five near-term price targets in place. If Cardano’s price sustains above $0.19, $0.29 & $0.39 are the next levels for bulls to attack.
On the other hand, these higher targets ($0.29 to $0.95) look more like measured-move by extension projections from the descending channel rather than a clean Fib extension sequence. Sliding through that $0.29 resistance one last month, Cardano’s low trading volume prevented a clean claim of that confluent area.
How Cardano Bulls Are Picking Up The Pace
Now, Cardano’s (ADA) bulls look ready to strike back: the Derivatives markets data pictures a bullish sentiment around the altcoin’s rebound, while Cardano’s (ADA) price is already trading roughly three cents above the lower boundaries of that descending channel. The volumes on Futures have picked up by 15.38%.
Edging the Spot market trading volume beyond three times, Cardano’s (ADA) long versus short ratio still leans on the bearish side. Per CoinGlass’ data, it’s currently 0.9512. However, this outnumbering of ADA bulls is more symbolic: short-sellers are still paying for long Cardano price positions, while Binance’s customers are going aggressive on a price upswing.
Cardano’s current setup above its 50-day and 100-day exponential moving averages adds to the reinforced bullish stance. Conversely, Cardano’s market value is still prone to geopolitical shenanigans.
The long-term implications also heavily depend on how smoothly institutional investors adopt Cardano’s privacy side-chain, presented as a part of a $10 trillion opportunity.
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