Join Our Telegram channel to stay up to date on breaking news coverage
The Cardano price has soared 18% in the last 24 hours to trade at $0.4305 as of 3:20 a.m. EST on a 100% pump in trading volume to $1.2 billion.
The ADA pump enabled Cardano to overtake TRON as the 9th-largest crypto with a market capitalization of $14.9 billion. TRON’s market cap stands at $13.9 billion.
Cardano Price Indicates More Bullish Momentum
The ADA/USD 1-hour chart shows a strong bullish trend, with the current price around $0.4307 after reaching a recent high of $0.4329 and a low of $0.4293.
The price is moving within a well-defined upward channel, known as a bullish channel, indicating sustained buying interest and the possibility of further gains if it remains within these boundaries. Adding to this bullish outlook is a parabolic curve, suggesting accelerating price momentum, although this pattern also hints at a potential correction if momentum fades.
ADAUSD Analysis Source: Dextools.io
Moving averages further confirm the bullish sentiment. The 50-period moving average (currently around $0.3786) reflects short-term momentum and sits significantly below the current price, emphasizing the strength of the uptrend.
The 200-period moving average at $0.3518 provides long-term support, and the price has been trading above this level, reinforcing the overall bullish outlook. A “Golden Cross” has also occurred, where the 50 MA has crossed above the 200 MA, which is traditionally a strong bullish indicator pointing toward continued upward momentum.
Cardano Price: Bullish Technicals Signal A Short-Term Correction
The MACD (Moving Average Convergence Divergence) indicator aligns with this bullish view, as the MACD line (0.00239) is positioned above the signal line (0.01326) in positive territory. This arrangement generally shows the upward momentum for the Cardano price, though the proximity of the two lines indicates that the pace of gains may slow in the near term.
However, the RSI (Relative Strength Index) is currently at 85.30, which places it well into the overbought zone (typically above 70). Such a high RSI suggests that ADA/USD may be overextended and could be due for a short-term pullback or consolidation phase.
This overbought condition serves as a cautionary signal for traders, as it might imply an impending price correction or sideways movement before any further gains.
Flockerz Presale Blasts Past $1.3 Million – Next Crypto To Explode?
As the Cardano price soars, traders are also rushing to buy a new meme coin called Flockerz (FLOCK), which has quickly raised over $1.3 million in its presale.
Flockerz aims to bring a new level of decentralization to meme coins by empowering its community, known as “The Flock,” to shape the project’s future.
According to 99Bitcoins, a popular YouTube crypto channel with over 706K subscribers, $FLOCK has the potential to soar 100x after launch.
At Flockerz’ core is FlockTopia, a platform where every holder has a voice and can earn rewards through an innovative vote-to-earn (V2E) system. Put simply, every time tokens holders vote, they earn FLOCK as rewards.
In addition to V2E rewards, FLOCK offers a huge annual return of 1,609% for staking its tokens.
The gains are calling and the flock is answering pic.twitter.com/lHZeAdb6Q7
— Flockerz (@FlockerzToken) November 5, 2024
To join the presale, you can buy $FLOCK for $0.0059571 per token using BNB, ETH, USDT, or even a bank card.
For the best deal, buy FLOCK tokens on the official website before a price hike in less than 1 day.
Related Articles
Most Searched Crypto Launch – Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards – pepeunchained.com
- $10+ Million Raised at ICO – Ends Soon
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
