Things Look Bullish for ADA after Successful Tuesday Session
- Over the last day, prices increased by 12.22%
- The altcoin’s investors are also seeing a positive picture.
- The EMA’s and ADA’s 4-hourly chart sent a bullish signal this morning.
Cardano (ADA) saw a very green Tuesday session which landed the killer a spot on CoinMarketCap’s trending list. Cardano experienced a 12.22% price gain over the last day. Crypto is up more than 13% in the last week. This shift in sentiment makes $0.50 a reality at ADA for the first-time since September.
Investor sentiment toward altcoin seems to be rosy. ADA adoption has allowed ADA catch up to the rest of the market, despite the fact that the weekly Input Output HK numbers (IOHK) were not encouraging.
One of the reasons for ADA’s price spike is believed to be the announcement of Citadel completing its first transaction with ADA on its telemedicine platform. ADA fell to $0.330 the day before. This was a new low for 2022. Another factor that favors ADA was the fact that Cardano NFT volume reached an all-time high Saturday.
ADA / USD daily charts (Source: Binance).
ADA should avoid the $0.391 pivot and target the $0.426 level of resistance. If ADA’s price can move above the $0.417 level, it could signal another bullish session.
The second major resistance level, $0.451, will likely be reached in the event of an extended rally. The $0.511 level will then be the third major resistance level.
The EMA’s and ADA’s 4-hourly chart sent a bullish signal this morning. If ADA holds above the 200-day EMA at $0.398, it could lead towards a price rise to $0.426.
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