- ADA’s 4hr chart suggested potential gains for the alternative token.
- The daily timeframe shows a flip of a bearish block following upticks past $0.42.
- Demand catalyzed the rebound from $0.38 and Cardano seems ready for impressive rallies.
Cardano recorded massive price fluctuations within the last 20 days. The upsurge that took ADA to $0.458 from $0.377 retraced within the past two weeks. Remember, each move was about 20% on the token’s price chart, a massive action.
Meanwhile, Bitcoin defended the support area at $27.8K and $28.8K over the last few days. That indicated the possibility of continued upsurges. Considering ADA’s higher timeframe outlook, market participants can expect gains from this alt.
The Encouraging Breakout
Source – TradingView
The chart’s blue line indicated the lower peak ADA printed after falling below the $0.42 mark. Meanwhile, the past 48 hours had Cardano bulls triggering upticks beyond the lower high. That way, the market structure changed to bullish from bearish.
Also, the Relative Strength Index moved beyond the neutral region (50), confirming bullish strength. The On-Balance Volume has climbed within the last four days, showing massive buying momentum. Moreover, the higher chart optimism indicated ADA’s bullishness.
Assessing the daily chart revealed two things. First and foremost, there was a range stretching between $0.24 and $0.42. Secondly, ADA has a bearish order block (printed in mid-Feb). The alternative token flipped this bearish block to bullish after the upside past $0.42.
Thus, the lower chart decline to $0.4 would likely attract upswings. Northbound actions will meet notable resistance regions at $044 & $0.485.
Read CRYPTONEWSLAND on
google news
OI’s Massive Rebound Indicated Bullishness
Source – Coinalyze
The Open Interest (OI) dropped to $162 million from $186 million on April 26, when Cardano plunged to $0.38 from $0.42. Nonetheless, the OI and price have revived to push higher. That confirmed that pundits were optimistic again.
Coinglass’s liquidation stats confirmed that long positions suffered more over the past few days despite the bullish sentiment. The highlighted dip from $0.42 saw longs worth $1 million liquidated within 8 hours.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
