Cardano (ADA) Price Rises Higher on a Stream of Good News
- WBOYOriginal
- 2024-08-20 15:07:12605browse
Cardano price began gaining some strength as the price broke above some key resistance levels. While it has not cleared the main barrier, this upside move represents a significant shift from its prior downward trend.
Cardano (ADA) price began showing some strength on Friday as the price breached some key resistance levels. While it failed to clear the primary hurdle, this upside move signaled a significant shift from its prior downtrend.
Cardano Price Surges 3% as Binance Pay Adds ADA Support
ADA price rose 3% on Friday, tracking the broader crypto market rally. The seventh-largest cryptocurrency by market capitalization was trading at $0.3437 at the time of writing.
Meanwhile, Binance Pay announced support for ADA, enabling merchants worldwide to accept ADA with zero gas fees and fast transactions. This, coupled with Bitcoin and other cryptocurrencies surging rapidly, might have contributed to the sudden shift in ADA’s price trend.
As reported earlier by AMBCrypto, traders are also betting on ADA to rise higher. According to data from the Coinglass Liquidation Map, traders were seen piling up on Long Liquidation Leverage (Cumulative) to the tune of $10 million, as opposed to Shorts ($3 million). This disparity between the two groups highlights traders’ expectations for the price to move higher.
A closer look at the LM reveals that the size of Shorts has reduced drastically, as has the volume. Most traders opened Long positions at $0.339 and $0.324.
Can ADA Price Extend Gains by 25%?
ADA price action breached the falling wedge’s upper boundary, hinting at a possible bullish reversal. This breakout countered the prior downtrend, shifting momentum toward the upside.
Some resistance might be encountered at $0.3621, where the 200-day exponential moving average (EMA) and the top of the current consolidation zone intersect. Beyond this, Cardano price could witness a 25% upswing to the $0.4500 level, which could serve as a stronger resistance and a crucial point for the continuation of the upward move.
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