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Cardano [ADA]: Risk-averse traders can lock gains at this level

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA was in a price rally and could retest the previous support-turned-resistance at $0.2531. A drop below $0.2397 would invalidate the bullish forecast. Cardano [ADA] traded within a range in late November 2022 before a […]

ADA’s decline from its mid-December trading range between $0.2531 and $0.2652 was held in check by support at $0.2441.

If the bullish momentum strengthens, the rally could reach or retest the previous lower boundary and support at $0.2531. The Relative Strength Index retreated from oversold territory, indicating increased buying pressure. In addition, the Money Flow Index showed an uptick, indicating a massive accumulation of ADA coins given its discounted prices.

The Chaikin Money Flow recovered from the zero line and climbed above the zero mark. This showed that buyers had an increasing influence on the market. If buying pressure increases, ADA could rise and retest the $0.2531 level. Risk-averse investors can take profits at this point. A move above the previous trading range could depend on a strongly bullishHowever, a break below $0.2397 would negate the above bullish forecast. Such a downtrend could see ADA settle at $0.2298.

 

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