Market
Cardano (ADA) Price Reaches New Yearly High
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The Cardano (ADA) price is in the process of creating its eighth bullish candlestick this week.
During the upward movement, ADA broke out from a long-term horizontal resistance area. How long will the increase continue?
Cardano Breaks Out From 430-Day Resistance Level
The weekly time frame technical analysis shows that the ADA price has increased swiftly since October. It is in the process of creating its eighth bullish weekly candlestick in a row.
The upward movement culminated with a high of $0.50 today. This is a new yearly high and the highest ADA price since September 2022.
Additionally, it caused a breakout above a long-term horizontal resistance area, which had been in place for 430 days.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The weekly RSI is increasing and is above 50, both positive signs. Additionally, it has crossed into overbought territory (green icon). The previous time the RSI moved into overbought territory (green vertical trend line) preceded a sharp upward movement that led to the ADA price all-time high.
How to Stake Cardano? A Complete Guide for Beginners – YouTube
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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