ADA rises against the trend, strong rebound! Next target: $0.421! Can it break the 200-day EMA to welcome a new round of upward momentum?
Today, ADA broke market expectations, quickly rising above the 50-day EMA, paving the way for the next step to reach the 200-day EMA! The key bullish signal MACD crossover provides strong support, breaking $0.421 (23.6% Fibonacci level) becomes crucial for sustaining the upward momentum! If ADA successfully breaks the 200-day EMA, it may further challenge the resistance levels of $0.50 and $0.544.
Despite Bitcoin and Ethereum's momentum slowing down, Cardano makes a strong comeback, rising 5.24% in the past 24 hours, with a market cap of $12.56 billion, reclaiming its position as the 10th largest cryptocurrency globally. Even more astonishing, ADA has accumulated an 8.42% increase over the past seven days, showing strong momentum for a breakout.
Currently, the $0.312 support level remains a crucial defense line for November, and the market is watching if Cardano can continue to consolidate above the 50-day moving average. If ADA successfully breaks the pressure zone of the 50-day and 200-day EMA, $0.676 (78.6% Fibonacci level) will become the bullish target for 2024!
Follow Lao Lin, ADA's market deepens step by step, seize every key turning point!
