Cardano (ADA) saw its market structure undergo a significant bullish transformation after a string of recent gains. This rally, which started in late September, has sent ADA’s price up more than 10% in just one week, as measured from its lows to its recent peak. Although ADA has undergone a retracement in recent hours, it has managed to maintain its overall bullish outlook.
The early signs were not entirely encouraging, as volume indicators pointed to waning buying pressure. Nevertheless, the bulls recovered with determination and successfully defended the critical $0.24 level.
According to the latest data, ADA costs $0.254 Coin gecko, representing a marginal decline of 3.1% in the past 24 hours. However, in the past seven days, it has posted a remarkable 5% gain.
ADA technical indicators
Analysts closely overseeing ADA’s price action have pointed to a possible move towards a high in the $0.28 range. For traders eyeing long positions, a bullish structure break on a lower time frame could be a starting point, targeting the high of the range.
The Relative Strength Index (RSI) has also made a promising climb above the neutral 50s, while On-Balance Volume (OBV) has seen an encouraging rise. The big question now arises: Will existing demand be enough to fuel a sustainable rally? Whether this demand will be enough to fuel a sustained rally remains a subject of speculation.
ADA market cap currently at $9.02 billion. Chart: TradingView.com
Cardano potential amid changing market trends
Meanwhile, Cardano has caught the attention of one separate analysis as one of the altcoins with the potential to benefit from short profit windows. This opportunity comes in the wake of Bitcoin’s recent surge, which took it above the $28,000 mark. Analysis suggests that ADA could potentially decouple from broader market trends, giving traders a unique opportunity to take advantage of market differences and make profits.
Cardano seven-day price action. Source: Coingecko
ADA has shown resilience and determination in the face of fluctuating market dynamics. While early signs pointed to easing buying pressure, ADA has managed to turn around, defending the $0.24 level and setting its sights on the $0.28 mark.
The RSI and OBV indicators provide further encouragement to the bullish outlook. Furthermore, the potential for ADA to break away from larger market trends offers traders an intriguing opportunity to take advantage of short-term profit opportunities. With the crypto market constantly evolving, Cardano’s resilience and ability to adapt to changing circumstances make it an interesting asset to watch in the coming weeks.
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