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Cardano (ADA) Rallies for Fifth Straight Day, Time for Bull Run?

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Mon, 23/10/2023 - 13:46
Cardano (ADA) Rallies for Fifth Straight Day, Time for Bull Run?
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Cardano (ADA), the eighth largest cryptocurrency by market capitalization, might be poised for a fifth day of gains if today's trade closes in the green.

Cardano, like the rest of the crypto market, has rebounded in the past week; a rise was initiated at lows of $0.247 on Oct. 19, which was sustained until press time.

In the process of the climb, ADA rose past the MA 50 barrier at $0.252, which had impeded price activity since the start of August.

Today's price action culminated in intraday highs of $0.269, with the $0.27 level posing as a minor resistance, according to top crypto trader Gareth Soloway.

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According to Soloway, a probable breakout from a long-term wedge could provide some short-term reprieve from the bear market. However, an immediate breakout does not necessarily mean that a bottom has been reached because this is still undetermined.

While this appears to have been accomplished, Cardano faces immediate upside hurdles at $0.27 and $0.30, as predicted.

Bulls could challenge the daily MA 200 barrier at $0.31 for passage even higher. Meanwhile, traders should keep an eye on the $0.24 level, as a break below this level could invalidate the bullish situation.

At the time of writing, ADA was up 2.71% in the last 24 hours to $0.265. The crypto coin has also gained 5.05% in the last 24 hours.

Cardano sees modest inflows

According to CoinShares, digital asset investment products received inflows totaling $66 million for the fourth consecutive week, increasing the four-week total to $179 million.

While the most recent inflows are likely due to enthusiasm over the launch of a spot Bitcoin ETF in the U.S., they are relatively low compared to June announcements, indicating that investors are more cautious this time around.

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Concerns over Ethereum have led to additional withdrawals of $7.4 million, making it the sole altcoin to see outflows in the last week. Cardano, on the other hand, experienced only a modest inflow of $0.1 million. 

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