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NewsBTC 2021-11-09 21:56:52

Why Cardano Is On A Hot Streak With 10% Gains In 1 Day

Coming from below $1 with a 2,000% profit year-over-year, Cardano (ADA) continues to outperform Bitcoin, Ethereum, and other cryptocurrencies in the top 5 by market cap. As of press time, ADA trades at $2,30 with 9.8% profit in the daily chart. Related Reading | Shiba Inu Beats Out Cardano, Dogecoin On Top 10 Watch-Listed Tokens Following the general market sentiment, Cardano seems poised for further upside with an important resistance at $2.5. As seen in the chart below by Material Indicators, ADA (price in blue) experienced a massive rally from the lows of its current range. However, the price sits at seemingly week support in low timeframes and is susceptible to more downside if the crypto market trends further down. Upwards, ADA moves flipped $2.5 from resistance to support in order to take on new price target close to the $3 area. Additional data provided by Material Indicators suggest that Cardano’s rally has been mainly fueled by large investors (represented in purple in the chart below) with most of the trading orders signaling an increase in buying pressure. On the other hand, retail investors have been selling ADA’s climb into its current levels. Most of these investors could be taking profit at these levels, but their selling pressure has been apparently mitigated by buying orders between $100,000 to $1,000,000. The Bullish Case For Cardano (ADA) The Cardano ecosystem remains at the top of the fastest growing i...

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Why Cardano Is On A Hot Streak With 10% Gains In 1 Day

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