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Cardano: Is 0.52 closer than you realize? Decoding ADA’s surge

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Cardano’s price is building bullish momentum that could lead to a price reversal if the conditions are met.

Cardano: Is 0.52 closer than you realize? Decoding ADA's surge

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  • ADA’s price has surged by more than 3% since retesting a key support level.
  • Metrics signaled a potent price reversal.

Cardano [ADA] has experienced a notable price surge of over 3% following a pullback to a crucial support level. This has raised questions on whether it is retesting the critical support level at $0.42.

Let’s find out –

As of this writing, ADA’s price was testing a $0.42 support level for a likely reversal to $0.47 and $0.50 key levels. Breakouts from the levels will affirm the reversal of a bullish rally.

The $0.42 support levels confluenced with pennant pattern support levels, suggesting preparation for an upward move.

The 50-day and 100-day EMAs acted as a dynamic resistance level at press time, and a breakout above these levels will suggest a sustained price reversal.

The stochastic RSI (13.67) was in an oversold zone as well, indicating an imminent bullish reversal, likely affirming that ADA is transitioning from a support test to a price rebound.

Source: TradingView

Which tale do the metrics tell?

AMBCrypto’s analysis of the Santiment’s recent whale activity data indicated an increased percentage of ADA’s total supply held by whales holding more than $5 million.

This trend suggested a widening confidence among the investors in Cardano long-term potential, impending price reversal. The social volume tracked by Santiment was also on the rise.

Increased social activity correlated with investor interest—a bullish reversal signal.

Source: Santiment

AMBCrypto then analyzed Santiment’s Cardano development data, which indicated a strong upward trend.

Cardano’s continuous innovation ecosystem may act as an investor magnet and potentially sustain the building bullish momentum for a likely reversal to a price surge.

Recently, Cardano’s Voltaire phase, which is in the final touches of its roadmap to create a fully decentralised blockchain ecosystem set to occur this month, may have activated the bullish momentum building for the reversal. 

Source: Santiment


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What’s next for Cardano?

Cardano’s recent price movements strongly suggested a bullish reversal on the horizon. Technical indicators, moving averages, and stochastic RSI signaled a bullish reversal.

Moreover, market sentiments—increased development activities, increasing social volumes, and whale activity—all have their guns pointed at a significant price reversal for Cardano.

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Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets. He also has a background in market analysis, investment strategies, and economic forecasting.
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