Cardano Surges 20% but Faces Resistance Near $0.98
Cardano has increased 20% over the past four trading sessions, surpassing the $1 mark briefly for the first time since March. This increase follows US President Trump's announcement regarding ADA's inclusion in a Crypto Strategic Reserve executive order.
As of August 13, ADA is consolidating around $0.93 after retreating from $0.97, influenced by Bitcoin's drop from $124,000 due to higher-than-expected US PPI data.
Key points include:
- ADA derivatives show bulls are in control with $194 million in long positions versus $93 million in shorts.
- A resistance cluster at $0.98 holds approximately $43 million in short positions, capping ADA's intraday rebound.
- Breaking above $0.98 could lead to rapid gains toward $1.20.
- Failure to breach this level may result in renewed selling pressure towards $0.92 support or lower to the 20-day SMA near $0.79.
Price Forecast
ADA's recent price actions indicate bullish momentum, confirmed by a push above the upper Bollinger Band at $0.92. The RSI is nearing overbought territory at 69.7, indicating potential buyer fatigue.
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