- 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.
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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.
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.
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