- ADA surpassed the $0.45 resistance and rose to $0.58 within 24 hours.
- Should the buying momentum continue, ADA may hit $0.75 before the year ends.
- Cardano’s TVL increased by 44.54% but rising to number 8 would be a difficult task.
Cardano (ADA) broke out of its tight trading range on December 8 after bulls flipped the $0.45 psychological resistance. As a result, bears could not neutralize the bullish price action with the token rising as high as $0.58.
This increase made ADA the highest gainer out of the top 10 cryptocurrencies in the last 24 hours. According to CoinMarketCap, ADA’’s rise represents a 23.98% increase within the mentioned timeframe.
Apart from ADA, only Avalanche (AVAX) made a double-digit increase among the group. From the look of things, ADA seemed overbought as indicated by the Relative Strength Index (RSI).
Is the Next Target $0.75?
The RSI reading was 85.45 at press time, indicating that the price may reverse. However, if there is some sort of retracement, it might not go below $0.55 where there was some resistance during the uptrend.
However, the Awesome Oscillator (AO) has been increasing, suggesting that ADA’s upw…
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