{"id":31542,"date":"2022-06-01T04:00:13","date_gmt":"2022-06-01T04:00:13","guid":{"rendered":"https:\/\/harchi90.com\/cardano-ada-should-you-buy-more-the-technical-answer-might-amaze-you\/"},"modified":"2022-06-01T04:00:13","modified_gmt":"2022-06-01T04:00:13","slug":"cardano-ada-should-you-buy-more-the-technical-answer-might-amaze-you","status":"publish","type":"post","link":"https:\/\/harchi90.com\/cardano-ada-should-you-buy-more-the-technical-answer-might-amaze-you\/","title":{"rendered":"Cardano [ADA]: Should you buy more? The technical answer might amaze you"},"content":{"rendered":"
\n

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

Cardano [ADA] saw massive capital inflows while its trading volumes witnessed a massive jump of over 300% in the last 24 hours. Furthermore, an approximate 33.9% surge in the total value locked over the last day marked a substantial uptick in the network’s DeFi activities.<\/span><\/p>\n

Unlike most of its peers, ADA was one of the few coins to bag double-digit 24-hour gains out of the top 50 cryptocurrencies as per CoinMarketCap.<\/span><\/p>\n

After overstretching below its EMA ribbons, the recent developments helped ADA crawl back above the 20 EMA barrier. At press time, ADA traded at $ 0.6595, up by 26.45% over the last day.<\/span><\/p>\n

ADA Daily Chart<\/span><\/strong><\/h4>\n
<\/p>\n

Source: TradingView, ADA \/ USDT<\/p>\n<\/div>\n

The previous correction from the 20 EMA resulted in a 55.13% decline from 5 May on ADA’s chart. Consequently, after falling below its Point of Control (POC, red), ADA glided south toward its 15-month low on 12 May.<\/span><\/p>\n

After falling toward the $ 0.47-baseline, the altcoin formed a bearish pennant on the daily timeframe. Post an expected patterned breakdown, the bulls quickly stepped in and structured a morning star candlestick setup.<\/span><\/p>\n

As a result, on its way up, ADA snapped off the 23.6% Fibonacci resistance and pierced through the EMA ribbons. The high buying volumes reinforced the buying edge while provoking bullish engulfing candlesticks on the chart. <\/span><\/p>\n

With the 20 EMA finally looking north after months, the buyers could aim to reduce the gap between these ribbons and continue their gradual recovery. A close above $ 0.66 resistance would underpin the buying efforts to test the $ 0.71- $ 0.73 range in the coming times.<\/span><\/p>\n

A fall from immediate resistance would find support near the 23.6% level before the buyers continue their quest to reclaim a spot above the EMA ribbons.<\/span><\/p>\n

Rationale<\/span><\/strong><\/h4>\n
\"\"<\/p>\n

Source: TradingView, ADA \/ USDT<\/p>\n<\/div>\n

The Relative Strength Index suggested a buying edge in the current market dynamics. The buyers managed to topple the midline resistance after nearly two months.<\/span><\/p>\n

However, the OBV still faced the same resistance level that it faced during its previous slump. Any reversal from this level would affirm a weak bearish divergence with the price.<\/span><\/p>\n

Conclusion<\/span><\/strong><\/h4>\n

The morning star candlestick setup induced bullish engulfing candles and the high buying volumes have given buyers a visible edge. <\/span><\/p>\n

In case ADA closes above the $ 0.66-level, the $ 0.71- $ 0.73 range near the 38.2% level could pose recovery hurdles. <\/span>To enter calls, however, the investors \/ traders must watch out for the negation of threats on the OBV to minimize their risk.<\/span><\/p>\n

Finally, ADA shares a high correlation with the king coin. Thus, traders \/ investors should keep a close watch on Bitcoin’s movement to make a profitable move.<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Cardano [ADA] saw massive capital inflows while its trading volumes witnessed a massive jump of over 300% in the last 24 hours. Furthermore, an approximate 33.9% surge in the total value locked over the …<\/p>\n

Cardano [ADA]: Should you buy more? The technical answer might amaze you<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":31543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/files.ambcrypto.com\/wp-content\/uploads\/2022\/05\/31163219\/Untitled-design-82-1000x600.png?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/files.ambcrypto.com\/wp-content\/uploads\/2022\/05\/31163219\/Untitled-design-82-1000x600.png","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31542"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=31542"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/31543"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=31542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=31542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=31542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}