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Cryptoknowmics 2022-08-26 12:40:16

Can ADA Holders Find September Extremely Bullish After $0.50 Breakout?

ADA prices revert from the $0.43 support level teasing a rally above the $0.50 mark. Will this breakout rally start a bull run in the coming month? With a 20% drop last week, buyers failed to maintain dominance at the $0.50 mark resulting in a decline to the $0.43 mark. However, the price trend reverses this week, resulting in a slight recovery teasing a bullish reversal to the psychological mark of $0.50. Will this breakout result in a bullish month for Cardano, or is a reversal ultimate? Key Points: The ADA prices prepare a bullish launch to the $0.50 mark. The 50 and 100-day SMAs struggle to give a bullish crossover as the market price trades under them. With a market cap of $16.29 billion, the intraday trading volume of Cardano has increased by 51% to reach $740 million. Source – Tradingview ADA Technical Analysis The ADA prices fell sharply after facing higher price rejection at $0.57 resulting in a 20% drop within a week. The downtrend breaks below the psychological mark of $0.50 and the crucial supporting 50 and 100-day SMAs. Nonetheless, the small body at low price reduction candles questioned the downfall nearest $0.43 mark. Currently, the daily candle shows a 2.80% price jump and is preparing to rise above the broken SMAs. If the increase in buying pressure drives the market price above $0.50, traders can expect a bullish crossover in the 50 and 100-day SMA. The low volume reversal from the $0.43 mark reflects a high...

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