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Cardano's Bullish Breakout: ADA Eyes 20% Jump as Volume Surges

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Tue, 14/11/2023 - 13:53
Cardano's Bullish Breakout: ADA Eyes 20% Jump as Volume Surges
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Cardano (ADA) is showcasing a remarkable bullish breakout on the charts. The digital asset has recently witnessed a significant upswing in its price, bolstered by a surge in trading volume, indicating strong buying interest on the market.

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The daily chart for ADA/USDT on Binance reflects this momentum, with ADA's price ascending sharply and currently hovering around $0.3690. Notably, the price is well above both the 50-day and 100-day moving averages, which are commonly used indicators to gauge the long-term trend's strength. The positioning above these averages typically signals a firm bullish trend.

Cardano chart
ADA/USDT chart by TradingView

A closer inspection of the volume profile during this rally reveals a substantial increase in trading activity, correlating with the price hike. This heightened volume is a testament to the growing investor confidence and suggests that the price may continue its upward trajectory.

Should ADA maintain this rally, a 20% jump from its current price level seems within reach. This would place the price target near $0.44, provided that the current support levels hold steady and market sentiment remains in favor of the bulls.

However, in the volatile world of cryptocurrency trading, retracements are as common as rallies. If Cardano encounters resistance and profit-taking near the $0.38 to $0.40 range, a short-term pullback could occur before the next leg up.

For ADA to break through and sustain the rally, continued volume support and positive market news will be crucial. Moreover, with the broader crypto market exhibiting signs of recovery, ADA's network developments and growing adoption could act as additional catalysts for its price surge.

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