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Bollinger Bands Squeeze Cardano, Next Big Move in View?
Cardano’s price chart appears to be flashing a signal of immense momentum, as its Bollinger Bands have entered squeeze mode. This development suggests that volatility is decreasing for the asset, and a decisive price movement is on the horizon.
According to the technical chart, Cardano’s Bollinger Bands are beginning to converge, signaling a classic case of squeeze mode. This scenario implies that the asset’s price may not continue its upward trajectory indefinitely, but rather, it will trigger a significant breakout move. The Cardano ADA market appears poised for an impulsive upside movement.
As Cardano investors await their next big move, recent data suggests that the cryptocurrency has continued to show resilience and momentum since reaching $0.54. However, this resistance level seems to be tested with a slight correction. If the Bollinger Bands remain in squeeze mode, it’s more likely that ADA will retest and possibly break above its previous high.
The current situation of the Cardano (ADA) market is interesting as it has gained 4.43% in the last seven days, marking an impressive growth. The volume surge seen on the Bollinger Bands further supports this upward trajectory. At present, the upper band rests at $0.6055, while the middle band hovers around $0.5733.
Source: u.today
