Shiba

Cardano

Resistance

Foundation

Inu.

Cardano (ADA) has been capturing the attention of&nbsp; the cryptocurrency community. In recent weeks, the Cardano token’s price action has greatly disappointed investors and traders due to its minimal volatility. With this context in mind, there were even jokes circulating that ADA priced at $0.4 could be considered a stablecoin. <a href="https://x.com/santimentfeed/status/1798485319551168939?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1798485319551168939%7Ctwgr%5Ef5dae3c83a3d87a4961f410e74b21d8b479a0fab%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoinedition.com%2Fcrypto-whales-are-buying-these-3-tokens-cardano-shiba-inu-and-jasmycoin%2F" target="_blank" rel="nofollow noopener">Santiment</a> recently reported increased whale activity regarding the token, alongside <a href="https://coingape.com/markets/jasmy-price-analysis-why-is-jasmy-coin-crashing/">Jasmy Coin</a> and <a href="https://coingape.com/price/shiba-inu/">Shiba Inu</a>. Moreover, the Cardano Foundation announced a public partnership with a local government in Argentina, a development that may support the country’s recent shift towards cryptocurrency. The big question on everyone’s mind right is: Will Cardano price rally in the coming days? To answer this, we need to dive into a detailed 
<h2 id="b-current-market-performance-of-cardano-ada-b">Current Market Performance of Cardano (ADA)</h2> 
<img decoding="async" class="aligncenter size-full wp-image-201151" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359.png" alt="Current Market Performance of Cardano (ADA)" width="2522" height="1262" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359.png 2522w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359-300x150.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359-1224x612.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359-768x384.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359-1536x769.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359-2048x1025.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-07-161359-150x75.png 150w" sizes="(max-width: 2522px) 100vw, 2522px"> 
Cardano (ADA) saw a 5.53% growth in its value in the past day, 7.48% and 6.9% over the past week and month respectively, to trade at $0.4852 today. With a market cap of approximately $17.33 billion, ADA is the 10th largest cryptocurrency according to <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="nofollow noopener">CoinMarketCap</a>. The coin also saw an increase in its 24-hour trading volume by 79.65%, reaching $465.9 million. Despite these gains, ADA is trading less 84.55% from all-time high of $3.10, it achieved on September 02, 2021 
<h2 id="b-technical-analysis-of-cardano-ada-b">Technical analysis of Cardano (ADA)</h2> 
The technical review of ADA shows a mix of positive outlook. Let’s analyze the information given by the key indicators. 
The current indication from the <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Averages</a> (EMA) is that there is a bullish trend in the short to medium term. The buy signals from EMAs ranging from 10 to 50 periods are pointing towards a potential increase in short-term prices. The shorter-term EMAs being in a buying position indicates that Cardano is gaining momentum. 
Conversely, the 100 and 200-period EMAs over the long term are indicating a selling signal. This difference shows possible opposition in the future, implying that although the immediate future looks good, there could be challenges ahead. 
The MACD level of -0.001 indicates a buying opportunity. The <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> is a type of indicator that lagging indicator that measures the difference between two EMA, usually the 12-period and the 26-period. A bullish momentum is signaled by a positive MACD, while bearish momentum is indicated by a negative one. Even though the MACD for Cardano is near the zero line, the buy signal indicates a minor uptrend. 
The current <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> for Cardano (ADA) stands at 59.467. The Relative Strength Index (RSI) is a tool that gauges the momentum and magnitude of price fluctuations within a 14-day period. An RSI that is higher than 70 signals that an asset is being bought excessively, whereas an RSI below 30 signals that it is being sold excessively. At 59.467, Cardano is not in a situation of being overbought or oversold, suggesting that there is still potential for price increase without reaching overbought levels. 
Fibonacci retracement levels help in recognizing possible levels of support and resistance. The levels of support for Cardano (ADA) are at 0.407 and 0.366. These levels are essential because they offer a safety net in the event of price drops. 
Conversely, the 0.499 and 0.550 levels represent areas of resistance. Surpassing these thresholds could indicate a substantial rise in price, whereas not achieving this could lead to a decline. 
Oscillators are strengthening the mixed sentiment, showing multiple buy signals for possible upward movement, though some are staying neutral, advising caution. 
<h2 id="b-what-traders-need-to-know-b">What Traders Need to Know</h2> 
The technical indicators for Cardano (ADA) paint a picture of cautious optimism. The short-term signals, particularly from the EMAs and MACD, suggest a bullish trend, with potential for price appreciation. The RSI indicates there is still room for upward movement without immediate risk of overbought conditions. Fibonacci levels provide clear support and resistance markers that traders should watch closely. 
However, the longer-term EMAs caution against over-optimism, suggesting that while Cardano might surge in the short term, there are significant resistance levels that need to be overcome for a sustained upward trend. 
Cardano (ADA) technical indicators suggest a sense of cautious optimism. The short-term signals, especially from the EMAs and MACD, indicate a positive trend, showing possibility of price increase. The RSI shows there is room for further growth without the threat of becoming overbought in the near future. Traders should closely monitor Fibonacci levels as they offer distinct support and resistance indicators. 
Nevertheless, the longer-term EMAs advise against too much optimism, indicating that although Cardano could experience a rapid increase in the near future, there are substantial resistance levels that must be surpassed in order to maintain a consistently upward trajectory 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Short-Term Outlook: Positive, with multiple indicators signaling a buy.</li> 
 <li style="font-weight: 400;" aria-level="1">Key Resistance Levels: 0.499 and 0.550. Watch for potential breakouts or pullbacks at these levels.</li> 
 <li style="font-weight: 400;" aria-level="1">Long-Term Caution: Be aware of the longer-term resistance indicated by the 100 and 200-period EMAs.</li> 
</ul> 
Hence, traders should stay alert and take into account both the short-term positive indicators and the long-term resistance levels despite Cardano’s promising potential surge. Monitoring important technical indicators is essential for successfully navigating the market and making well-informed trading choices. 
The post <a href="https://coingape.com/blog/will-cardano-ada-surge-what-traders-need-to-know/">Will Cardano (ADA) Surge? What Traders Need to Know</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Cardano (ADA) Surge? What Traders Need to Know

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