Cardano's ($ADA) Golden Cross Movement
Technical Analysis
After trading sideways for the entire month of November 2023, ADA has reignited its upward trend, reaching a yearly high of $0.49. This increase in ADA’s value could be partially credited to the stabilization in the BTC price, which has enabled various altcoins to start regaining strength.
The immediate target for ADA investors is the psychological level of $0.5. Reaching this mark could lead to a temporary pullback. However, if ADA successfully surpasses this level promptly, it could potentially accelerate the uptrend.
A downward correction for ADA seems unlikely for now. In the event of a decrease, the asset might test support levels at $0.440-$0.460, $0.430, and $0.407-$0.420. ADA's overall positive trajectory is likely to continue as long as the BTC price remains stable above $39,000.
Candle sticks indicating bullish Movement
Three white Soldiers is depicted on this candle stick with a long doji being the retest here the market will keep on surging till the bulls get tired.
The 50-day Moving Average interpolates and crosses the 200-day moving average showing signs of a "Golden Cross" indicating further bullish trend.
After trading sideways for the entire month of November 2023, ADA has reignited its upward trend, reaching a yearly high of $0.49. This increase in ADA’s value could be partially credited to the stabilization in the BTC price, which has enabled various altcoins to start regaining strength.
The immediate target for ADA investors is the psychological level of $0.5. Reaching this mark could lead to a temporary pullback. However, if ADA successfully surpasses this level promptly, it could potentially accelerate the uptrend.
A downward correction for ADA seems unlikely for now. In the event of a decrease, the asset might test support levels at $0.440-$0.460, $0.430, and $0.407-$0.420. ADA's overall positive trajectory is likely to continue as long as the BTC price remains stable above $39,000.
Candle sticks indicating bullish Movement
Three white Soldiers is depicted on this candle stick with a long doji being the retest here the market will keep on surging till the bulls get tired.
The 50-day Moving Average interpolates and crosses the 200-day moving average showing signs of a "Golden Cross" indicating further bullish trend.
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