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Daily Technical Analysis Research 29.11.2024 – Cryptocurrency (CARDANO)

CARDANO (ADA/USD):

The price action has experienced significant upward momentum over the past few weeks. Currently, we are trading slightly above $1.00, with the price appearing poised to advance further into the internal resistance zone near $1.20.

Daily Technical Analysis Research 29.11.2024 - Cryptocurrency (CARDANO) - 6lcqx1qZ
Examining the technical indicators more closely, it’s evident that the price appears overextended on the RSI, having surged above the 70% threshold. Should there be any short-term pullbacks, I’ll be watching to see if the price rebalances around the 50% Fibonacci level, which aligns with the internal resistance zone that could potentially transition into a support area.

Daily Technical Analysis Research 29.11.2024 - Cryptocurrency (CARDANO) - kmq0cQH7

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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