news 
Identifying Cardano’s Next Short-Term Target as Bulls Seek Reversal
Cardano (ADA) has been attempting to establish an uptrend on its price chart, but the market sentiment remains subdued. Despite this, there are some encouraging signs for bulls seeking a reversal in the short-term.
ADA’s recent bounce from the $0.51 support level and establishment of a higher low at $0.545 indicate that bearish pressure has weakened over the past week. If it can break the $0.594 local high from last Tuesday, it would significantly shift the market structure to the upside.
Technical indicators such as the Relative Strength Index (RSI) have also started to show signs of weakness in the bearish momentum. The RSI’s higher lows are a positive sign for bulls, indicating that selling pressure is decreasing. Additionally, the On Balance Volume (OBV) has seen a small bounce, which could be an early indication of increased demand.
If ADA can climb past $0.594, it may potentially reach $0.62 or $0.65 in the short-term. However, it’s essential for traders to remember that the major structure remains bearish, following a significant drop from $0.73 seen earlier in June. As such, any long trades should be executed quickly to capture profits and cut losses, given the trade would be against the prevailing trend.
In conclusion, while Cardano’s short-term outlook appears more positive than before, it’s crucial for traders to stay cautious and vigilant as the market can rapidly change direction.
Source: ambcrypto.com
