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Cardano (ADA) Price Soars 9% But Faces Resistance: Is a Correction Coming?

Cardano ADA Update: ADA Price JUMPS over 9% but ...
Cardano ADA Update: ADA Price JUMPS over 9% but ...

Cardano (ADA) bulls have reason to cheer in the short term, with its price surging over 9% in the past 48 hours. However, popular crypto analyst Nick warns of a potential reversal in a recent video, diving deep into the technical indicators that could signal a drop in ADA’s price.

Key Resistance and Bearish Signals:

Looking at the Bigger Picture:

While the short-term outlook appears bearish, the weekly timeframe offers some hope for Cardano bulls. There’s significant support at the 50 weekly SMA, which could act as a floor price.

Long-Term Bullish Potential:

Despite the short-term concerns, the long-term outlook for Cardano remains positive. Nick believes ADA has the potential to reach prices between $5 and $12 in the future, fueled by ongoing development and adoption.

Is Cardano a Buy or Sell?

The decision to buy or sell Cardano depends on your individual investment strategy and risk tolerance. While the short-term technicals suggest a potential correction, the long-term fundamentals remain strong.

Conduct thorough research and consider consulting a financial advisor before making any investment decisions.

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