ADA prices are up more than 3% after retesting key support levels.
The indicator shows a strong price reversal.
#Cardano [ADA] price is up more than 3% after a pullback to a key support level. This raises questions about whether we are testing critical support levels at critical0.42.
At the time of writing, the #ADA price is testing the key support level of 0.42 and may turn towards the key levels of 0.47 and 0.050. Breakouts at these levels confirm the reversal of the bullish trend.
The support level of 00.42 coincides with the support level of the pennant pattern, which indicates preparation for an upward movement.
The 50-day and 100-day EMAs act as dynamic resistance levels at the time of publication, and a break above these levels indicates a sustained price reversal.
The stochastic RSI (13.67) is also in oversold territory, indicating that a bullish reversal is imminent and likely indicates that ADA is moving from testing support to a price #bounce .
What stories do the indicators tell?
An analysis of AMBCrypto's recent activity data showed an increasing share of total ADA shipments belonging to whales with properties worth more than $55 million.
The trend indicates growing investor confidence in Cardano's long-term potential and the upcoming price reversal. Social postings were also on the rise.
The increase in social activity correlates with investor interest, which is a bullish reversal signal.
AMBCrypto then analyzed Santiment's data on Cardano's growth, showing a strong upward trend.
Cardano's innovative ecosystem has become a magnet for investors, potentially supporting the bullish momentum of a possible reversal to a price surge.
Cardano's recent entry into the Voltaire phase, which is in the final stages of implementing a roadmap for a fully decentralized #blockchain ecosystem scheduled for this month, could provide growth momentum that sets the stage for a reversal.
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