- Summary:
- Cardano's price increased dramatically on Thursday as its momentum gained $ 0.700 support. Here's why it's probably an extended upside down.
Cardano prices have taken the support of $ 0.700, reflecting the broader performance of the market. The coin climbed 6.7% at the time of writing and exchanged for $ 0.714, bringing its weekly acquisitions to 5%. In addition, it has registered the gains in six of the last seven days, proving a strong momentum.
Why the price of ADA preceded for further upside down
Approximately $ 800 million worth of ADA coins have been exchanged for the last 24 hours, with trading volume growing 24% at that time. That points to the increase in consumer appetite, which is likely to add propulsion to the coin's reversal momentum.
The RSI reading on the ADA 2-hour frame time price is 69, increasing credentials to the likely continuation of the reversal. In addition, the average index (ADX) direction is at 22, which signed the strengthening of the upward trend. In addition, the value of open interest contracts of the ADA Coin also grew by 1.78% in the last 24 hours to reach $ 358 million, proving the reverse view.
Meanwhile, the Moonacy Protocol simply added Cardano to the list of supported property -owners, creating an added incentive for investors to buy ADA. Protocol allows the ADA Liquidity Provider to earn passive income on their coins with up to 600% APY or 1.85% day -day without having to lock their property.
See also
Cardano's price prediction
As seen in the chart below, Cardano's pivot price mark is at $ 0.696 and the momentum indicates control of the bulls. The upside is likely to meet the initial resistance to $ 0.725. However, an extended consumer control will remove the barrier and can expand the gains to test a second resistance to $ 0.740.
By contrast, the momentum will move to the downside if the price goes below $ 0.696. The first support is probably at $ 0.680 in that case. The reversed narrative is invalid if the seller expands their control and breaks down below that mark. Moreover, this may result in a stronger descending momentum that can test $ 0.657.
