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Bollinger Bands Squeeze Cardano, Next Big Move in View?
The cryptocurrency market is witnessing a rare phenomenon with the Bollinger Band squeeze in Cardano (ADA), indicating that the asset’s price is poised for a significant breakout. In recent trading sessions, the value of ADA has grown by 4.43% over seven days.
As per the chart analysis provided by legendary trader John Bollinger’s Bollinger Bands, it seems like the upper band has reached $0.6055, while the middle band is at an average price of $0.5733 and the lower Bollinger Band is hovering around $0.5411. It’s worth noting that the narrowing of the bands signals a decrease in volatility for the asset and potentially sets the stage for a decisive price shift.
At present, Cardano is trading at $0.5851, representing an 0.33% rise over the last day. The cryptocurrency did reach a peak of $0.5888 during earlier trading sessions but faced rejection as it approached the $0.60 mark.
A notable development has been observed in terms of transactional volume and user engagement for Cardano’s network. According to recent metrics, transactions have surpassed 111 million, indicating a surge in activity and a sign that users are increasingly adopting the platform.
Source: u.today
