Cardano

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/signs-of-a-price-increase-in-cardano-ada/" data-wpel-link="internal">Signs of a Price Increase in Cardano (ADA)</a><br></p>
<p style="text-align: justify"><strong>Cardano (<a href="https://en.coin-turk.com/reason-behind-the-increasing-bitcoin-btc-price-according-to-paypal-co-founder/" data-wpel-link="internal">ADA</a>)</strong> fell below a six-week range on January 18th. It retested the $0.453 support level and recovered strongly. The lowest levels in the $0.51 range were once again turned into support, and liquidity prices close to $0.6 could be significant for this level.</p> 
<h2 id="signs-of-a-price-increase-in-cardano">Signs of a Price Increase in Cardano</h2> 
<p style="text-align: justify">ADA’s movement above $0.52 reversed the market structure on the 12-hour chart to bullish. Moreover, the move above the $0.524 resistance turned the level into support. These two metrics could indicate an uptrend for ADA in the coming days. The Relative Strength Index (RSI) moved above the neutral 50, signaling a potential change in momentum. The On-Balance Volume (OBV) has been in a downtrend since mid-December but saw a slight increase. However, the indicator may not yet be in a definitive uptrend.</p> 
<p style="text-align: justify">This situation indicates that despite strong gains last week, the buying volume was only slightly stronger. Since the $0.524 level is now a support for Cardano, an increase in OBV can be expected. The cryptocurrency’s price action chart may show an imbalance and a downtrend block overlapping in the $0.56-$0.57 region. This could mean a tough resistance area that bulls may take some time to overcome.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-309238 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/ada-4.webp" alt="" width="1866" height="1014"></p> 
<h2 id="the-state-of-bulls-in-ada">The State of Bulls in ADA</h2> 
<p style="text-align: justify">Hyblock’s predicted liquidation levels heat map data was analyzed. This data could be consistent with findings from price movements. Initially, ADA entered the $0.524-$0.536 region, reducing significant liquidity. This could be followed by a minor retracement towards $0.51 as bulls solidify their positions. The liquidity heat map showed levels between $0.554 and $0.564. The $0.6 and $0.62 regions could likely attract ADA prices towards them.</p> 
<p style="text-align: justify">Compared to this, the upward liquidation levels might be insufficient. Therefore, an upward move could be much more likely than a drop towards $0.46-$0.47. If bulls can scale the $0.57 resistance, reaching the $0.62 level could be expected. This could be because it represents a local high level where significant liquidity might be present.</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/signs-of-a-price-increase-in-cardano-ada/" data-wpel-link="internal">Signs of a Price Increase in Cardano (ADA)</a></h5>

Signs of a Price Increase in Cardano (ADA)

Table of Contents

COINTURK NEWS

Other articles published on Jan 30, 2024

ZeroLend Lists Pyth Network on Zero Gravity, Launches Points-Based Campaign for PYTH Stakers

Polygon Whale Bought the Dip as MATIC Dropped to $0.7, Reveals He Is Also Buying This Token at $0.09

Abracadabra’s $6.49M loss leads to MIM stablecoin destabilization

Nic Carter vs the Bitcoin Maxis, ‘no regrets’ about losing $10M DOGE: X Hall of Flame

Transak Partners with Visa to Enable Global Crypto Withdrawals

Bitcoin mirrors COVID-19 rally, eyes all-time high – Bull market inbound?

Join our free newsletter for daily crypto updates!