Cardano Price Rises 10% as Traders Eye $0.70 Resistance Level
Cardano (ADA) has experienced a price increase of approximately 10% over the past week, currently trading around $0.637. Key points include:
- ADA is close to its 20-day Exponential Moving Average (EMA), which could signal a market direction shift if surpassed.
- Traders are targeting the next resistance level at $0.70.
- The Network Realized Profit/Loss metric has turned negative, indicating many holders are at a loss, which may reduce selling pressure.
- The Chaikin Money Flow indicator is positive at 0.03, suggesting buying pressure is greater than selling.
- ADA has been listed on Interactive Brokers, raising speculation about potential future price increases.
- Despite the recent gains, ADA's trading volume has decreased by over 8.6%, with $636.93 million traded in the last 24 hours.
- ADA remains one of the top cryptocurrencies being bought by large investors this month.
If ADA fails to maintain above $0.60, it may drop to $0.40. A breakout above $0.7002, coupled with favorable RSI and MACD indicators, could lead to a rally toward $1 or higher.
