Cardano had a strong bullish case after breaking out past a four-month range on high trading volume, but short-term volatility is likely...
was successful in its range breakout over the past week, gaining by a remarkable 43.3% from Monday’s lows to hit $0.4587. In fact, aSuch a hike in whale activity reflected a spike in interest in Cardano and higher demand. Here, it’s also worth pointing out that trading volume has been significantly above average during this rally.Since August, Cardano has traded within a range, one that extended from $0.313 to $0.394. In late September, it tried to blast beyond the range high and hit $0.
The indictors turned on their head following the swift gains the token made over the past week. The CMF was at +0.26, higher than it has been since February. The MACD showed strong bullish momentum. Finally, the OBV was on the verge of climbing past its local highs that remain unbeaten since August too.The liquidation map outlined the $0.422 and $0.44 levels as places with a considerable concentration of liquidation levels. The cumulative short liquidations at $0.44 were higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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