ADA Whispers of a $1.2 Dream? 🤑
- Cardano’s range formation since December has curtailed all price expansion 😩
- The $0.78 support zone is likely to see a strong price bounce towards $0.9 next week 🚀
Cardano [ADA] saw a 72% price rally on Sunday, 2 March, on the back of the news that the U.S crypto strategic reserve would include Cardano too. Since then, ADA has retraced most of its gains on the charts. Talk about a rollercoaster, huh? 🙄
At the time of writing, it was trading within a key support zone that had been a resistance level in February. From a technical perspective, Cardano seemed to present swing traders with a buying opportunity. A chance to snatch up some ADA before it takes off! Maybe! 🤑
Cardano falls below the mid-range support, but buyers should be looking to bid
The strong pump last weekend meant the market structure was bullish. But let’s be real, the structure wasn’t the most important thing right now, given that ADA has traded within a range (purple) since December. This was the fourth day within the past week that the price was testing the $0.8 demand zone. Fourth time’s the charm, right? 🤞
The Directional Movement Index highlighted a strong uptrend in progress, with both the ADX (yellow) and +DI (green) above 20. On the other hand, the OBV was yet to decisively break its range formation. The lack of persistent buying pressure meant Cardano might remain range-bound in the coming days or even weeks. Ah, the eternal struggle of the crypto market 🤪
The significance of the past month’s resistance being retested as support was also noteworthy. Hence, bulls would be targeting a move to $1.15-$1.2 next, with the range high at $1.135. Fingers crossed! 🤞
The 3-month liquidation heatmap highlighted the $1.2-level as the magnetic zone to look out for. The density of liquidation levels here means that bulls might have a difficult time pushing the price any further north. The wall of resistance awaits! 🧱
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2025-03-08 17:57