As a seasoned analyst with over two decades of market experience under my belt, I must admit that the recent performance of ADA has left me quite impressed. The 88% surge within a week is a testament to its resilience and potential, reminding me of the dot-com boom days when the market was abuzz with similar energy.
ADA took the market by storm after rallying 88% in a week.
Key Support levels: $0.60
Key Resistance levels: $0.70, $0.80
1. Buyers Return with a Vengeance
The upward trend of ADA shows no signs of slowing down. It has surmounted one barrier after another, currently standing at 62 cents – nearly double its price from early November! This outstanding progress is noteworthy following ADA’s founder revealing his intent to collaborate with the U.S government on crypto-related policies.
2. Strong Rally Without any Pullbacks
The ADA price rally, initiated on November 5th, has persisted up until now without significant dips. This prolonged uptrend lasted more than a week, with any selling activity only temporarily halting the surge. Currently, ADA is trading above 60 cents, serving as a supportive level.
3. Buy Volume Explodes
Glancing at the trade volume indicates that Cardano last experienced such buying enthusiasm during the 2021 bull rush. This is encouraging since it points towards a positive trend for the market. If this momentum persists, there’s a solid possibility that the cryptocurrency could surge even further, with 70 cents and 80 cents serving as significant milestones.
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2024-11-12 15:23