Cardano

bullish

Bitcoin

<ul class="wp-block-list">
  
 <li>Cardano (ADA) trades within a three-month range, facing resistance at $0.366.</li>   
 <li>Analysts note weak demand, raising concerns about potential price rejections near $0.375.</li>   
 <li>A Bitcoin surge might influence Cardano's break out.</li> 
</ul>   
<p><a href="https://cryptonewsland.com/cardano-ada-price-drops-sharply-as-benjamin-cowens-bearish-forecast-materialize/">Cardano (ADA)</a> is navigating a tight trading range that has lasted three months. Recently, market analysts reported a five-month high in the NVT ratio, suggesting ADA might be overpriced. The struggle to break past resistance levels emphasizes the challenges buyers face, raising questions about the altcoin's short-term path. However, bullish momentum seems to be building, as the post below suggests. </p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/jonmorgan_HODL/status/1852553623772832205?t=uYlSDWcVU0__P8LsGjaGRw&amp;s=19 
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</figure>   
<h2 class="wp-block-heading" id="h-cardano-s-range-bound-struggle">Cardano's Range-bound Struggle</h2>   
<p>Since July, <a href="https://cardano.org/">ADA</a> has fluctuated between $0.393 and $0.311. The mid-range sits at $0.352, showing a pause after the downtrend that began in March. This consolidation hints at a shift. Buyers now have a chance to accumulate as selling pressure eases.</p>   
<p>Fibonacci retracement levels show the 50% mark at $0.366 as a significant hurdle for bullish traders. This level consistently blocked attempts to rally in October. Increased selling pressure is evident, with the <a href="https://www.investopedia.com/terms/o/onbalancevolume.asp">On-Balance Volume</a> (OBV) slipping lower in recent weeks.</p>   
<p>The Relative Strength Index (RSI) sits around the neutral 50 mark, indicating weak momentum. Investors find themselves in limbo, unsure about the market's next move. A rejection at the 78.6% retracement level in September raised alarms, hinting at potential weakness in higher time frames.</p>   
<h2 class="wp-block-heading" id="h-potential-bull-trap-ahead">Potential Bull Trap Ahead?</h2>   
<p>Analysts have pinpointed a crucial liquidity zone between $0.371 and $0.377. This area acts like a magnet, likely pulling prices toward it. However, buyer demand remains lackluster, suggesting a possible rejection from $0.375. This caution grows as current trading conditions could trap bullish investors.</p>   
<p>A decisive move from <a href="https://cryptonewsland.com/bitcoin-price-nears-70000-as-leverage-and-open-interest-surge/">Bitcoin (BTC)</a> might spark Cardano’s escape from this stagnant range. Without that push, breaking above $0.40 seems unlikely. The resistance levels at $0.393 and $0.418 must shift to support before any substantial rally can happen.</p>   
<p>Investors should remain vigilant. The combination of selling pressure and resistance levels creates a complex picture. Upcoming days will be critical in deciding whether ADA can retest three-month highs or continue its sideways drift. The potential for price movement exists, but caution should guide strategies as volatility looms.</p>    
<p>The post <a href="https://cryptonewsland.com/ada-trades-within-a-three-month-range/">ADA Price Forecast: Is a Retest of Three-Month Highs on the Horizon?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

ADA Price Forecast: Is a Retest of Three-Month Highs on the Horizon?

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