Cardano’s Price Set to Surge by 25% As Binance Pay Now Supports ADA
The Cardano (ADA) price has shown signs of strength as it broke through key resistance levels, signaling a potential shift from its previous downward trend. ADA saw a 3% increase, reaching $0.3437 amidst a broader crypto market rally. Binance Pay’s recent support for ADA, offering zero fees and fast transactions for merchants worldwide, has contributed to this positive trend. Additionally, the successful demonstration of the Cardano Hydra Layer 2 solution at a blockchain event in Las Vegas has generated significant interest in ADA.
Read Also: Dogecoin Frenzy As Its Price Aims For a Breakout at $0.12
Market sentiment has turned bullish, with data indicating a higher cumulative long liquidation ($10M) leverage compared to ($3M) shorts as per CoinGlass data. Traders are betting on ADA to rise further, with a notable reduction in short positions and increased volume in long positions at specific price levels.
From a technical standpoint, ADA’s price action has broken above the falling wedge pattern, suggesting a potential bullish reversal. The asset may encounter resistance at $0.3621, aligned with the 200-day exponential moving average and the top of the current consolidation zone. If ADA surpasses this level, it could target a 25% surge to $0.4500, a critical resistance point. The current relative strength index (RSI) at 60.45 supports further upward movement without indicating overbought conditions.
However, a break below $0.3280 could confirm a bearish reversal, leading to a downside target of $0.3220 and below.
Read Also: Litecoin is Set to Soar by 40% as Whale Activity Heats Up, Says Analyst
Follow us on Twitter, Facebook, Telegram, and Google News
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
