![Cardano [ADA] bounces from range lows; here are targets to sell coin at](https://i.headtopics.com/images/2022/9/7/cryptoamb/cardano-ada-bounces-from-range-lows-here-are-targets-to-sell-coin-at-1567265178558861314.webp)
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Cardano [ADA] flipped XRP in terms of market capitalization to stand at $17.15 billion at the time of writing. The trading volume saw a significant spike a couple of days ago, but averages around $600k […]
Last week, ADA dipped beneath the range lows for a brief period, before rising higher once more. While the structure was not bullish on the price charts, it appeared that Cardano could register some more gains over the next week or two.The aforementioned range was highlighted in white. The mid-point of the range sat at $0.54. This value has served as resistance in July and August and added credence to the plotted range. The mid-point and the range highs are obvious resistance zones..
Therefore, there was a lack of strong momentum and a lack of a definite trend. This idea supported the formation of a range. The Directional Movement Index did not show a strong trend either. The ADX and the +DI were just above the 20 mark, but this was not indicative of a healthy uptrend. On the other hand, the On-Balance Volume showed steady and significant demand for ADA in recent weeks.
In fact, the OBV formed a series of higher lows in recent weeks. This evidenced strong buying pressure and indicated a move upward could be likely.
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