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Cardano Price’s WTD growth rate is 10% and is trading near the EMA for 20 days.
Latest market figures show that Cardano (ADA) has achieved its position following recent price increases. Many traders believe this push can drive another big move for the coin. With prices still stable, buyers are looking at key price ranges that could shape what will happen next.
Ada settles near EMA for 20 days as Bulls Eye $0.70
Last week, Cardano rose by around 10%, giving hope to traders who saw it the previous week.
CoinMarketCap data shows that the ADA was trading about $0.637 at the time of press time. The report also shows that the ADA is close to the 20-day exponential moving average (EMA). This line tracks the price of coins over the last 20 days, giving more weight to the latest prices. Moves beyond this level often indicate a change in market direction.
The ADA is not completely broken at this level, but it’s close. Traders are paying attention as clean moves above that indicate that buyers are gaining control. In that case, Cardano can push towards $0.70. This is considered the next great resistance level for the coin.
On-chain data also supports this outlook. The network has realized profit/loss (NPL) metrics that indicate whether traders are generally profitable or losses. This means that many ADA holders are at a loss now.
When this occurs, sales tend to decline, reducing downward pressure on prices and may contribute to price stability and gradual increases.
Cardano price chart. Source: tradingView.com
On the ADA/USD one-day chart, the Chaikin Money Flow (CMF) indicator, which measures the amount of capital flowing in and out of assets, is currently positive at 0.03. Its value may seem modest, but it still shows that buying pressure outweighs sales pressure.
In recent developments, Cardano is listed as an interactive broker and offers direct access to Wall Street. This milestone sparked fresh speculation that a $10 ADA could be next.
Even if the whales are interested, the volume will drop
It is noteworthy that despite recent price increases, ADA trading volume has declined. According to Coinmarketcap, trading activity has declined by more than 8.6% in the past 24 hours. This was a $636.93 million worth of ADA being traded.
This slowdown in volume could mean that some traders are waiting for a clear breakout before making the next move.
The ADA is one of the top three cryptocurrencies featured by these major players this month. This suggests they expect big things from Cardano soon.
Still, Coin hasn’t caught up with Bitcoin or Shiv.
If Cardano cannot exceed $0.60, it could drop to $0.40. However, breakouts are still possible if buyers continue to intervene. If the ADA rises above 55 and the MACD crossover is $0.7002, traders will be able to see a rally of $1 or more.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who writes about real-life applications of blockchain technology and innovation, promoting general acceptance and global integration of emerging technologies worldwide. His desire to educate people about cryptocurrency inspires his contributions to well-known blockchain media and sites.
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