2024-7-30 21:30 |
Bitcoin’s potential surge to all-time highs is setting a positive tone for altcoins, including Cardano (ADA). According to a detailed analysis by LuckSide Crypto, this week is critical for Bitcoin.
This is as BTC breaks through resistance levels and confirms an upward push following the Wyckoff accumulation model. This momentum is expected to benefit ADA and other altcoins.
Bitcoin Impact on Altcoins and ADAThe breakout in BTC is described as beneficial for altcoins, including Cardano (ADA). ADA has been hovering around a resistance level of 42 cents, facing multiple rejections. Breaking through the 43-44 cents mark is essential for ADA to sustain its upward movement.
The market dynamics indicate short pressure, with the ongoing liquidation of shorts driving prices up. A heat map reveals a concentration of shorts around the 73k range, suggesting market makers are targeting these positions.
Despite BTC breaking a downtrend in dominance, it hasn’t set a new high, keeping the overall downtrend intact. Historically, drops in BTC dominance signal altcoin season, with rapid corrections in BTC prices often following upward extensions.
Cardano (ADA) Price AnalysisADA’s performance is analyzed through various resistance levels and moving averages. Key levels to watch include 46 cents and 48 cents, with the potential to set higher highs if these levels are breached. The importance of institutional money and BTC’s continued performance is also highlighted as factors influencing ADA’s potential rise.
ADA faces resistance at the 42 cents level, with multiple rejections noted at this point. A recent opportunity for accumulation arose when ADA dipped, pushing it back toward this resistance. Immediate resistance levels to watch are 43 cents and 44 cents.
Breaking through these levels is crucial for ADA’s upward momentum. The 100 and 200-day moving averages at 46 cents are indicators. Breaching these averages would indicate a new upward trend.
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Key Levels to Watch and Future ProjectionsThe speaker emphasizes the importance of ADA setting higher highs and higher lows. The previous high was at 46 cents, and breaking above this would confirm a higher high, signaling a strong bullish trend.
ADA seems to be following the Wyckoff accumulation model, which indicates a systematic accumulation of an asset, leading to a bullish breakout. The critical level for ADA is around 48 cents.
Short pressure on the market has led to frequent liquidation of shorts, driving prices up. Institutional money flowing into the market could further support ADA’s price increase.
The overall outlook for ADA is bullish, with the potential for gains if it breaks key resistance levels and continues following the Wyckoff accumulation model. The correlation with BTC’s movements is also crucial; as BTC pushes towards all-time highs, it could pull ADA and other altcoins along with it.
ConclusionADA is pushing hard at the 42-cent resistance level. Breaking through 43-44 cents is crucial for its upward momentum. This week, ADA and other assets have the opportunity to take steps forward against BTC. If ADA can breach the 100-day and 200-day moving averages at 46 cents, it will confirm a new high, indicating a strong bullish trend.
This week looks promising for ADA and other altcoins. With BTC potentially reaching all-time highs, the entire crypto market stands to benefit. ADA’s bullish outlook is contingent on breaking through critical resistance levels and the continued influence of institutional money.
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The post Cardano (ADA) Price Poised for Breakout Amid Bitcoin’s (BTC) ATH Push: Key Levels to Watch appeared first on CaptainAltcoin.
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