Cardano (ADA), the native token of the smart contracts platform, has been a hot topic in crypto circles this week. The surge in price and trading activity has analysts like Sssebi predicting a potential bull run for ADA, citing key technical indicators and a shift in market sentiment.
Breaking Through Resistance, Bouncing Back Stronger
Sssebi, a well-respected crypto analyst, recently published a detailed report highlighting ADA’s recent bullish behavior. One of the key factors Sssebi points to is the token’s successful climb above the crucial 200-day moving average (200MA) on the 4-hour chart.
The 200MA is a widely used technical indicator that reflects the long-term trend of an asset. Traditionally, a price moving above the 200MA is seen as a bullish signal, suggesting a potential shift from a downtrend to an uptrend.
$ADA gets a nice bounce of the 200MA on the 4hr chart with increased volume! Bullish!
Since it hit 0.80$ $ADA was not able to get above this moving ave
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