The rise in the altcoin market last week led to Cardano (ADA) gaining value. As of the moment of writing, ADA is trading at $0.42 and has increased by 22% in the last seven days. The current price stands out as one of the highest levels in Cardano's recent period. Last week's double-digit price increase allowed some investors to take profits.
According to data based on the seven-day moving average, ADA's on-chain trading volume shows a daily profit/loss ratio of 1.05. This means that ADA is generally trading at a profit and market sentiment is positive. This ratio above 1 indicates that more profit is made than loss. ADA's ratio of 1.05 reveals that for every trade that results in a loss, an average of 1.05 trades bring profit. Additionally, ADA's rising Relative Strength Index (RSI) indicates that the price increase is supported by real demand for the cryptocurrency. At the time of writing, the RSI is at 53.66 and is in an uptrend.
ADA's 22% price increase last week pushed its price above the 20-day exponential moving average (EMA). This suggests that the price trading above this important moving average indicates an increase in buying pressure. ADA is currently moving towards the 50-day simple moving average (SMA), which is giving a bullish signal. If ADA successfully surpasses this level, the possibility of further uptrends will also be confirmed.
Cardano's current price levels generally tend to result in profits.
If the Relative Strength Index (RSI) rises above 70, this can be considered an overbought signal.
Staying above the 50-day SMA could confirm a long-term uptrend.
In the near term, price fluctuations may range between $0.38 and $0.43.
However, if there is a decline, the price of ADA may drop to $0.38. Following these levels can constitute an important strategy for investors.
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I EXPLAIN IN DETAIL.
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