Cardano Eyes Breakout: $0.76 Resistance in Focus
Key Takeaways
Cardano (ADA) could rise by 13% if the resistance at $0.76 is broken. Currently, the price is in a consolidation phase between $0.699 and $0.75. Technical indicators and on-chain data suggest a potential price rally.
Current Price Development of Cardano
The ADA price has been moving within a narrow range between $0.699 and $0.75 for several days. A recent increase pushed the price to the upper boundary of this range. If ADA surpasses the resistance at $0.76 and closes a four-hour or daily candle above it, the price could rise by 13% to $0.85.
Technical Indicators: Resistance and Potential
On the four-hour chart, the 200-day Exponential Moving Average (EMA) is near the $0.75 mark, posing an additional hurdle for further upward movement. The Relative Strength Index (RSI) is at 60, indicating that there is still room for upward momentum.
On-Chain Data: Overleveraged Positions and Liquidations
According to Coinglass, many traders are betting on rising prices. There are overleveraged positions at $0.712 on the downside and $0.76 on the upside. If ADA reaches the $0.76 mark, short positions worth $8.50 million could be liquidated.
Long-Term Investors Accumulating ADA
Data shows a continuous outflow of ADA tokens from exchanges since March 13. This suggests that large investors (so-called whales) and long-term holders are accumulating ADA. Such a trend is often considered a bullish signal.
Our Assessment
If ADA breaks the resistance at $0.76, a rise to $0.85 could follow. Technical indicators and on-chain data support this forecast. However, there remains a risk that the price could fail at the resistance level and fall back into the consolidation zone. Traders should closely monitor price developments.
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