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Cardano (ADA) is experiencing a bullish trend, with technical indicators suggesting a potential for a further 30% price increase.
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The latest on-chain metrics indicate robust activity, as ADA’s Open Interest (OI) has surged by 6.9%, revealing significant trader involvement.
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Coinglass highlighted, “The rise in large transaction volume signals strong interest from institutional investors, paving the way for ADA’s potential breakout.”
Explore how Cardano is set for a potential 30% rise as bullish sentiment and robust metrics support its upward trajectory.
Analysis of Cardano’s Current Market Conditions and Key Resistance Levels
Cardano (ADA) is currently positioned with a strong bullish outlook, primarily fueled by recent price action and market sentiment. As of now, ADA is grappling with crucial resistance at $0.77, as reported by COINOTAG’s technical analysis. Analysts suggest that if the altcoin manages to close above $0.80 on a daily basis, it could trigger a rally of approximately 30%.
The analysis further indicates that ADA is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, which supports a continued uptrend. Understanding these levels is vital for traders aiming to capitalize on the ongoing bullish sentiment.
Source: TradingView