Cardano

Wednesday

<ul> 
 <li>ADA token experiences volatility and uncertainty in recent days.</li> 
 <li>Analyst Ali Martinez indicates a buy signal on ADA’s four-hour chart, suggesting a potential rebound.</li> 
 <li>Cardano’s weekly chart, however, shows a sell signal, possibly leading to a steeper drop if validated.</li> 
</ul> 
<p>Cardano’s ADA token has witnessed growing volatility in recent days, with mixed signals emerging across varying timeframes that leave traders uncertain about the next major price move.</p> 
<p>Currently ranked as the 8th-largest cryptocurrency by market capitalization, ADA fell nearly 3% on Wednesday to $0.3735 amid broader declines across the crypto markets. The token has struggled in recent weeks to decisively move past technical resistance around the $0.40 level.</p> 
<h2 class="wp-block-heading" id="h-cardano-shows-a-buy-signal">Cardano shows a buy signal</h2> 
<p>According to analyst Ali Martinez, <a href="https://thenewscrypto.com/?s=Cardano" target="_blank" rel="noreferrer noopener">Cardano</a> shows a buy signal on its four-hour price chart, indicating a potential rebound on the horizon after an extended cooldown from its early September highs above $0.50.&nbsp;</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> | Look how the 100-EMA on the 4-hour chart has acted as a rebound zone for <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> while the $0.396 level acts as a stiff resistance. <br><br>The TD Sequential now presents a buy signal within this time frame around the 100-EMA, anticipating another rebound. However, you must pay… <a href="https://t.co/bi4Lzg4rUr">pic.twitter.com/bi4Lzg4rUr</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1729187783028219939?ref_src=twsrc%5Etfw">November 27, 2023</a>
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<p>However, Martinez points out that ADA’s weekly chart illustrates a sell signal per the TD Sequential indicator, which when validated could result in a steeper drop towards support levels at $0.34 or $0.33 if the $0.37 zone fails to hold.</p> 
<p>To add further uncertainty, ADA sits right at a major demand area between $0.37 and $0.38, with roughly 166,000 wallets having accumulated nearly 4.9 billion tokens within this price range. Typically, strong on-chain support in specific areas reinforces buying interest around those levels.</p> 
<p>If ADA manages to reverse course and stage a rally from current levels, clearing the elusive $0.40 mark remains the critical test in the days ahead. A weekly close above $0.40 would open the door for an advance towards the next target at $0.46, according to Martinez’s analysis.</p> 
<p>However, failure to hold the demand area and break below $0.37 support could spell trouble and motivate sidelined bears to re-enter at lower levels.&nbsp;</p> 
<p>Martinez notes traders should closely watch for confirmation of ADA’s next move via a decisive four-hour candle close above $0.396 resistance or below the 100-day exponential moving average (EMA) at approximately $0.35.</p>

Cardano Price Action Gives Mixed Signals As Traders Consider Next Move

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