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Things Looking Bullish for ADA After Successful Tuesday Session

Cryptocurrency Oct 26, 2022 05:30AM ET
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Things Looking Bullish for ADA After Successful Tuesday Session
 
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  • Cardano saw a 12.22% price increase over the last day.
  • Investor sentiment towards the altcoin is also painting a rosy picture.
  • The EMA’s and ADA’s 4-hourly chart sent a bullish signal this morning.

Cardano (ADA) saw a very green Tuesday session which landed the Ethereum killer a spot on CoinMarketCap’s trending list. Cardano saw a 12.22% price increase over the last day, and the crypto is now up more than 13% over the last week. This shift in sentiment makes $0.50 a reality for ADA for the first time since September.

It seems like investor sentiment toward the altcoin is also painting a rosy picture. While the weekly Input Output HK (IOHK) numbers provided very little encouragement, a pickup is an activity and ADA adoption has allowed ADA to catch up with the rest of the market.

One of the reasons for ADA’s price spike is believed to be the announcement of Citadel completing its first transaction with ADA on its telemedicine platform. Just the day before, ADA had fallen to a new 2022 low of $0.330. Another factor in favor of ADA is the fact that the Cardano NFT volume hit an all-time high on Saturday.

ADA / USD daily chart (Source: Binance)

In the coming days, ADA needs to avoid the $0.391 pivot to target the first major resistance level at $0.426. If ADA’s price can move above the $0.417 level, it could signal another bullish session.

In the case of an extended rally, the second major resistance level at $0.451 will likely come into play. The third major resistance level will then lie at $0.511.

The EMA’s and ADA’s 4-hourly chart sent a bullish signal this morning. If ADA can hold above the 200-day EMA, which is at $0.398, it could lead to a price run to the first resistance level at $0.426.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Things Looking Bullish for ADA After Successful Tuesday Session appeared first on Coin Edition.

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Things Looking Bullish for ADA After Successful Tuesday Session
 

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