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ADA rebounded. ADA holding above $0.60 signals strength.
While buyers have kept Cardano above the $0.59 support level, they are trying to push the ADA price above $0.63. With the ascending channel and support at $0.63, bulls can now aim for the 50-day SMA at $0.70. If buyers regain control if a break and close above this critical barrier is achieved, ADA may rise to $0.83.
If the ADA price falls and breaks below $0.59, ADA may slide to the support at $0.50. This is a crucial level for bulls to maintain because a break below it implies the resumption of the downturn. The next support on the downside in this scenario would be $0.40.
In recent news, Cardano has made significant gains over the past five days, with an astonishing 180 million ADA being traded during this period. This surge in trading activity has had a direct impact on the market sentiment and the price of Cardano, resulting in its current upward trajectory.
Despite this, the overall cryptocurrency market remains uncertain, and investors should exercise caution when deciding whether to buy or sell.
Source: https://u.today/180-million-cardano-in-five-days-what-went-down
