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Cardano price climbed 18% in the last 24 hours to trade at $0.4305 as of 3:20 a.m. EST on 100% trading volume at $1.2 billion.
The ADA pump allowed Cardano to overtake TRON as the 9th largest cryptocurrency with a market cap of $14.9 billion. TRON’s market capitalization stands at $13.9 billion.
Cardano price indicates more bullish momentum
The ADA/USD hourly chart shows a strong uptrend, with the current price around $0.4307 after hitting a recent high of $0.4329 and a low of $0.4293.
The price is moving in a well-defined ascending channel, called a bull channel, indicating sustained buying interest and the possibility of further gains if it stays within these limits. Adding to this bullish outlook is a parabolic curve, suggesting accelerating price momentum, although this trend also hints at a potential correction if momentum fades.
ADAUSD Analysis Source: Dextools.io
The moving averages further confirm the bullish sentiment. The 50-period moving average (currently around $0.3786) reflects short-term momentum and is significantly below the current price, highlighting the strength of the uptrend.
The 200-period moving average at $0.3518 provides long-term support, and the price is trading above this level, reinforcing the overall bullish outlook. A “golden cross” also occurred, where the 50 MA rose above the 200 MA, which is traditionally a strong bullish indicator pointing towards continued bullish momentum.
Cardano Price: Bullish Technical Data Signals 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 bullish momentum in Cardano price, although the proximity of the two lines indicates that the pace of gains could slow in the near term.
However, the RSI (Relative Strength Index) currently sits at 85.30, putting it well into the overbought zone (usually above 70). Such a high RSI suggests that ADA/USD might be overextended and could be due to a short-term pullback or consolidation phase.
This overbought condition serves as a warning signal for traders as it could imply an impending price correction or sideways movement before any further gains.
Flockerz Presale Surpasses $1.3 Million – Will the Next Crypto Explode?
As Cardano’s price soars, traders are also rushing to buy a new coin called Flockerz (FLOCK), which quickly raised over $1.3 million during its presale.
Flockerz aims to bring a new level of decentralization to meme coins by allowing its community, known as “The Flock,” to shape the future of the project.
According to 99Bitcoins, a popular YouTube crypto channel with over 706,000 subscribers, $FLOCK has the potential to increase 100x after launch.
At the heart of Flockerz is FlockTopia, a platform where every holder has a voice and can earn rewards through an innovative vote-to-win (V2E) system. Simply put, every time token holders vote, they earn FLOCK as a reward.
In addition to V2E rewards, FLOCK offers a whopping 1,609% annual return for staking its tokens.
Winnings call and the herd answers 📞🐦 pic.twitter.com/lHZeAdb6Q7
– Flockerz (@FlockerzToken) November 5, 2024
To join the presale, you can purchase $FLOCK for $0.0059571 by token using BNB, ETH, USDT or even a bank card.
For the best deal, buy FLOCK tokens from the official website before a price hike in less than a day.
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