The price of the native token Cardano (ADA) has increased by 30% over the week and currently stands at around $0.25. This significant gain has attracted the attention of analysts, who have made several optimistic forecasts. A user X under the nickname CW claims that the token is showing accumulation signals and is gradually rising. In his opinion, "accumulation is happening at the current level, it is building energy for the next upward move." Analyst Jesse Olson noted that the cryptocurrency Cardano has flipped into an "ultra bullish" trend on the daily chart, as the price has broken through an important zone and continues to show higher highs and lows. Later, Olson also stated that ADA has an expected buy signal on the weekly chart, emphasizing that there has not been a bullish trend in seven days for 14 months.
Another user X with the nickname More Crypto added that the token continues to follow a specific bullish price channel, designating $0.315 as the next target to watch. Interestingly, in the context of the overall bullish sentiment, user X under the nickname Mork highlighted ADA as one of his favorite short positions, noting its recent strong dynamics, but hesitating to follow the first move from resistance. He remarked that "I am waiting for another move to the level. If buyers do not enter there, I will carefully assess the possibility of a short."
However, the Relative Strength Index (RSI) of ADA suggests that the asset may indeed experience a short-term correction. The RSI reading has risen into the overbought zone above 70, indicating that the price has sharply increased over a short period, and it may be time for a cooldown. Conversely, levels below 30 are typically seen as buying opportunities.
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