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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Cardano Turns Bullish In The Short-Term, But Is That All?

Best Owie
Best Owie
1 year ago
2 mins read
cardano

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Cardano (ADA) has seen the bulls finally reclaim control after a long stretch in the bear territory. This is a welcome change for the digital asset which remains one of the largest cryptocurrencies and widely used networks. However, after properly cementing its position in this bullish level for the short term, the question still remains on how the digital asset is looking towards the long term.

ADA Bullish For The Short Term

The price of Cardano (ADA) successfully broke above $1.2, which puts it on a bullish path for the short term. The indicators for this include the fact that the digital asset is now trading above the 30 and 50-day moving averages. A very important point for the asset if it is to maintain its current bullish path. This, in turn, has seen investor sentiment start to turn positive for the first time in months.

Related Reading | Broader Market Celebrates Bitcoin Breakout, But What About Perp Traders?

For the first time since the downtrend began, sell pressure has eased off significantly for Cardano investors. Although the majority of indicators still point towards sell, the gap has become much smaller. This means that buyers are beginning to challenge the sellers in terms of volume. If this trend continues in the vein, then ADA’s recovery is expected to continue as more investors turn towards selling.

Cardano (ADA) price chart from TradingView.com

ADA price reaches $1.2 | Source: ADAUSD on TradingView.com

This is however only evident in the short term for the digital asset. It is understable though given that the recovery remains in its early stages. With less than a week marked on the current trend, the digital asset looks the strongest on a two-week scale.

But What About The Long-Term?

In the long term, Cardano (ADA) is not faring as well. This can be attributed to the fact that the rally is still in its early stages as mentioned above but given that the digital asset has remained in a downtrend for the longest time. It is evident in how the cryptocurrency is faring on the 100 and 200-day moving averages.

Related Reading | Shiba Inu Kicks Off Metaverse Project; SHIB Rallies 14% In The Last 7 Days

Despite the recent surge, ADA has not been able to trade above these points. It will have to successfully break above $1.5 for it to turn bullish in the long-term and the indicators are not looking good in this regard.

Presently, ADA is trading at $1.22. It has been on a steady uptrend in the early hours of Thursday. This puts the next significant resistance point at $1.273. A long way from $1.5 but an attainable goal if the momentum continues to push up.

Featured image from Medium, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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