Cryptocurrency

Cardano

Resistance

Divergence

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardanos-price-movement-a-nuanced-outlook-amidst-resistance-struggle/" data-wpel-link="internal">Cardano’s Price Movement: A Nuanced Outlook Amidst Resistance Struggle</a><br></p>
<p style="text-align: justify">Altcoin Cardano’s (<strong><a href="https://en.coin-turk.com/cardanos-latest-update-marlowe-smart-contract-environment-steps-forward/" data-wpel-link="internal">ADA</a></strong>) recent price movement paints a nuanced picture as it struggles with long-term resistance, also raising concerns about the sustainability of its upward trend. The failure to surpass a significant resistance level at $0.68 led to the formation of a notable bearish candle, prompting a reassessment of ADA’s trajectory.</p> 
<h2 style="text-align: justify" id="weekly-outlook-ada-coin-s-journey">Weekly Outlook: ADA Coin’s Journey</h2> 
<p style="text-align: justify">Altcoin ADA has remained within the $0.25 to $0.43 range since October 2022, covering a 59-week period. A breakthrough above this range was marked by a challenging bullish candle, indicating a potential shift in control towards the bulls and the start of a new long-term uptrend. Despite this optimistic outlook, ADA encountered resistance at the $0.68 level, casting a shadow over the continuous upward momentum.</p> 
<p style="text-align: justify">The weekly Relative Strength Index (RSI) has fallen below the critical level of 70 and is trending downwards, signaling a potential decrease in bullish strength. As a result, the <strong>ADA</strong> price may be subject to further adjustments and could head towards the familiar resistance at $0.42.</p> 
<h2 style="text-align: justify" id="bullish-divergence-signals-on-the-four-hour-chart">Bullish Divergence Signals on the Four-Hour Chart</h2> 
<p style="text-align: justify">While the weekly analysis casts a cautious light on ADA’s direction, the 4-hour chart reveals some interesting bullish signals. Both the price action and the RSI indicator are displaying a notable bullish divergence, particularly after a period of intense selling pressure. The 4-hour RSI in the oversold region formed a bullish divergence coinciding with ADA’s bounce from the minor resistance zone at $0.46.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-299789 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/ada-coin-cointurk.jpg" alt="" width="915" height="530"></p> 
<p style="text-align: justify">The convergence of these factors points to a potential upward move for <strong>ADA</strong>, with an expected rise to the nearest horizontal resistance at $0.53.</p> 
<h2 style="text-align: justify" id="navigating-ada-s-near-term-trajectory">Navigating ADA’s Near-Term Trajectory</h2> 
<p style="text-align: justify"><strong>Altcoin</strong> ADA, while navigating the confusing terrain of resistance and potential corrections, the most reasonable scenario points to an adjustment towards the previous range’s resistance at $0.42. However, the presence of bullish signals on the 4-hour chart offers a nuanced perspective, suggesting a potential rise to $0.56 before continuing the broader downtrend.</p> 
<p style="text-align: justify"><strong>Cryptocurrency</strong> markets’ dynamic nature advises ADA investors to monitor these fundamental levels and indicators for informed decision-making. The interaction between resistance levels, bullish signals, and overall market sentiment is likely to shape ADA’s near-term trajectory.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardanos-price-movement-a-nuanced-outlook-amidst-resistance-struggle/" data-wpel-link="internal">Cardano’s Price Movement: A Nuanced Outlook Amidst Resistance Struggle</a></h5>

Cardano’s Price Movement: A Nuanced Outlook Amidst Resistance Struggle

Table of Contents

COINTURK NEWS

Other articles published on Jan 9, 2024

All eyes on Bitcoin’s price as SEC’s decision on spot ETF approaches

XRP Price Prediction as Rumors Emerge of XRP ETF in April 2024 – Rally Imminent?

U.S. CFTC Releases Report Suggesting Betterment of DeFi

Memeinator Presale Smashes Past $3M Mark as Crypto Market Rallies

Investors exploring Pushd presale; Chainlink and Litecoin drop

Valkyrie CIO Anticipates XRP And Ethereum Spot ETFs Following Bitcoin’s Approval

Join our free newsletter for daily crypto updates!