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Bitcoin and Ethereum have witnessed strong gains from the fifth of August. Cardano followed their footsteps, and evidence of its price scheme showed that the bulls have a reason to stay optimistic.
Cardano (ADA) has witnessed an increase in the price by 4.88 % over the past 24 hours.
The daily trading volume in Altcoin increased by 74 %. Bitcoin (BTC) was trying to climb 117.5 thousand dollars, but she could not do so at the time of the press.
Will Cardano continue in its gathering regardless of the suspended BTC momentum?
Source: There/USDT on TradingView
Using oscopy from late June and July at $ 0.51 and $ 0.937, a set of fibonache retrock levels has been planned. It has shown that the 61.8 % decline was at $ 0.673, and this level was almost re -tested as support during the last decline.
The June height was reclaimed at $ 0.73, which is resistance two months ago, as support. This field was highlighted, and this region also had the convergence of moving averages on the daily chart.
It was encouraging that Cardano witnessed a reaction of this region. In addition, CMF was at +0.06, reflecting a great purchase pressure. MACD remained over the zero line and was about to form a bullish crossover again.
Technical indicators and the price of the price for one day reflect the climb. It is likely to follow a march.
Fibonacci extension levels were $ 1.03 and $ 1.2 were the following goals. These levels are relatively well lined with strong horizontal levels from November to December 2024.
Source: There/USDT on TradingView
In the two -hour time frame, Cardano was at $ 0.78, which was resistance while declining at the end of July. ADA’s bulls seemed to have turned this level to support it.
MFI and CMF supported this idea that Cardano was a strong bullish in the short term.
Thus, Cardano is likely to have offered a good purchase opportunity now. It will maintain its upward expectations in the short term as long as it remains above the level of $ 0.755.
Responsibility: The information provided does not constitute financial, investment, trading or other types of advice, which is just the opinion of the writer
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2025-08-09 07:00:00
