Cardano (ADA) Price Poised for Breakout Amid Bitcoin's (BTC) ATH Push: Key Levels to Watch
- PHPzOriginal
- 2024-07-30 06:03:261112browse
Bitcoin's potential surge to all-time highs is setting a positive tone for altcoins, including Cardano (ADA).
Cardano (ADA) price has been facing multiple rejections at a crucial resistance level of 42 cents. However, the coin seems to be setting up for an upward push this week, with key levels to watch for ADA.
A detailed analysis by LuckSide Crypto highlights the critical importance of this week for Bitcoin (BTC) as it breaks through resistance levels, confirming an upward push following the Wyckoff accumulation model. This momentum is expected to benefit ADA and other altcoins.
Bitcoin Impact on Altcoins and ADA
The breakout in BTC is setting a positive tone for altcoins, including Cardano (ADA). ADA has been hovering around a resistance level of 42 cents, facing multiple rejections. Breaking through the 43-44 cents mark is essential for ADA to sustain its upward movement.
According to the analyst, the market dynamics indicate short pressure, with the ongoing liquidation of shorts driving prices up. A heat map reveals a concentration of shorts around the 73k range, suggesting market makers are targeting these positions.
“Despite BTC breaking a downtrend in dominance, it hasn’t set a new high, keeping the overall downtrend intact. Historically, drops in BTC dominance signal altcoin season, with rapid corrections in BTC prices often following upward extensions.”
Cardano (ADA) Price Analysis
ADA’s performance is analyzed through various resistance levels and moving averages. Key levels to watch include 46 cents and 48 cents, with the potential to set higher highs if these levels are breached. The importance of institutional money and BTC’s continued performance is also highlighted as factors influencing ADA’s potential rise.
“ADA is pushing hard at the 42-cent resistance level. Breaking through 43-44 cents is crucial for its upward momentum. This week, ADA and other assets have the opportunity to take steps forward against BTC.”
Key Levels to Watch and Future Projections
The speaker emphasizes the importance of ADA setting higher highs and higher lows. The previous high was at 46 cents, and breaking above this would confirm a higher high, signaling a strong bullish trend.
“ADA seems to be following the Wyckoff accumulation model, which indicates a systematic accumulation of an asset, leading to a bullish breakout. The critical level for ADA is around 48 cents.”
Overall, the outlook for ADA is bullish, with the potential for gains if it breaks key resistance levels and continues following the Wyckoff accumulation model. The correlation with BTC’s movements is also crucial; as BTC pushes towards all-time highs, it could pull ADA and other altcoins along with it.
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