ADA’s price shows strength as price bounces from a downtrend with strong volume as price eyes a rally to $0.5. ADA faces rejection to trend higher above $0.4 as the price faced a sharp rejection below key resistance. The price of ADA continues to hold strong below the 50 Exponential Moving Average (EMA) as the price aims to rally past key areas. The price of Cardano (ADA) has continued to hold strong as price trends toward the region of $0.4, facing rejection to trend higher to a region of $0.5. The crypto market has looked more decent this week, with Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. This new relief rally across the crypto market has positively impacted smaller coins like Cardano (ADA) as price rallied from its downtrend movement to a high of $0.4 as price attempted to break its key resistance. (Data from Binance) Related Reading: Reasons Behind The Bitcoin Price Rally – Is It Sustainable? Cardano (ADA) Price Analysis On The Weekly Chart. Although many altcoins have struggled to trend in a range market, the price of ADA has seen more of a downtrend move as the price of ADA dropped from a high of $3 to $0.3, seeing more than a 70% decline in its price. ADA’s price recently declined from an all-time high of more than $3 to a region of $0.75 before rallying to a high of $1.3. ADA’s price faced resistance from $1.3 to breaking higher. After the price of ADA was rejected at $1.3, it fell to a region of $0.4, where it appeared to have formed strong Support and, most likely, a demand zone for future buy orders, but this wasn’t the case as the price dropped a bit further to a weekly low of $0.35. The price of ADA rallied from $0.35 to a high of $0.4 as the price aimed to go higher to $0.5. The overall structure of ADA appears to be favorable, with a high probability of price retesting the $0.5 and higher ranges. If ADA fails to break and hold above $0.43, we may see a retest of $0.35. Weekly resistance for the price of ADA – $0.45-$0.5. Weekly Support for the price of ADA – $0.35. Price Analysis Of ADA On The Daily (1D) Chart In the daily timeframe, the price of ADA continues to hold strong and trade above the key Support formed at $0.35 after the price rallied from its daily low, with the current market looking favorable for most crypto assets. The price of ADA needs to break and hold above 50 EMA, acting as a strong resistance to the price of ADA. The price of $0.4 corresponds to the value of 50 EMA, acting as resistance for the price to break higher to a region of $0.5. Daily resistance for the ADA price – $0.42. Daily Support for the ADA price – $0.35. Related Reading: Why These Major Crypto Wallets Acquired Over 100 Million XRP In Last 24 Hours Featured Image From Blockbuild, Charts From Tradingview
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Tuesday has proven to be a good day for bitcoin and the crypto market in its entirety as gains have been the order of the day. Bitcoin has finally been able to clear the $20,000 territory even when indicators pointed towards the more sluggish movement for the digital asset. As expected, there have been ripple events from the gains in the market. Liquidations are now the order of the day and short traders are getting the ‘short’ end of the stick. Crypto Liquidations Cross $1 Billion The crypto market has now recorded its worse liquidation trend so far in 2022. Bitcoin’s recovery above $20,000 was swift and the liquidations were just as fast. The result of this is more than $1 billion being liquidated across the crypto market in the last 24 hours. Given the recovery, short traders have suffered the worst of it. Data from Coinglass shows that over 87% of all liquidations recorded in the past day have been from short traders. This means that short traders have lost more than $700 million in a single day. Related Reading: Total LUNC Burned Crosses 24 Billion, But Is It Enough? Amid this, FTX exchange recorded the largest liquidation event in history with more than $700 million liquidated on the crypto exchange. This puts the majority of the market liquidations on FTX (74.7%) with all other exchanges making up about 25% of the remaining figure. 24-hour liquidations cross $1.1 billion | Source: Coinglass Approximately 156,000 traders were caught in the crossfire of this bloody trading day. The largest single liquidation was recorded on the Okex – ETH-USDT-SWAP pair for a total of $3.05 million. Total market liquidation values now sit at $1.12 billion at the time of this writing. Bitcoin Gearing Up For More Bitcoin has landed in the mid-$20,000s after the current rally but the digital asset does not seem to be done yet. The recovery put it firmly above its 50-day moving average, which cements its short-term bull trend. Additionally, the correlation with the stock market remains high and bitcoin is bound to follow the performance of its largest counterpart. If the current positive sentiment across the financial market continues, then it is possible that BTC would test the $21,000 resistance before the close of the trading day on Wednesday. BTC price at $20,600 | Source: BTCUSD on TradingView.com High inflation rates across the world are also triggering investors’ move to bitcoin. Forecasts have put countries around the world at even higher inflation rates going into the end of the year, which could paint a bull picture for cryptocurrencies going forward. Related Reading: Crypto Market Drops To Extreme Fear As Bitcoin Struggles To Hold $19,000 BTC is currently trading at $20,600 at the time of this writing. It is up 6.98% in the last 24 hours and has a current market cap of 396 billion. It has also seen $61.7 billion in trading volume, a 136% increase in the last day. Featured image from ITPro Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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