In this analysis, I will review the ADA coin for you. The Cardano project is one of the major projects in the crypto space and has been among the top 10 coins by market cap for a long time.
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Weekly Timeframe: Moving Towards ATH
In recent weeks, ADA has shown a strong upward trend, forming significant lows that serve as support levels for the price.
๐ Currently, the price is struggling with the resistance level at 1.2046, and if this level is broken, the next major resistance will be the ATH.
๐งฉ The RSI oscillator entered the overbought zone during the price pump, reaching 82.87, and is now in a corrective phase, moving below the overbought level.
๐ The buying volume in recent candles has been substantial, supporting the trend and showing convergence.
๐ฝ In case of a correction, the first support level is at 0.7683, which the price has already reacted to once. If a deeper correction occurs, the last support for this bullish leg is at 0.4322.
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The primary support levels are 0.3166 and 0.2427, which are critical and unlikely to be easily lost.
๐ Final Thoughts
This analysis reflects our opinions and is not financial advice.
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