Since the bitcoin price has managed to gain a lot of momentum, it seems that the bulls are in a strong position. Also, the majority of crypto assets are slowly gaining massive bullish momentum to move north. As many have assumed, Q4 has always been a better quarter for the original that ignited the Altseason.
Currently, ADA price is heading through a crucial phase, where the odds of bulls or bears taking control are roughly equal. The next few hours may decide the next direction of the price. As the price of ADA despite multiple crashes and heavy selling has solidly stood above $2, thus it is one of the strongest support areas.
Since the beginning of the current trading month, both the bulls and the bears have equal power. Thus, the price also remained within small arcs but above strong support levels. However, if the price manages to reach the upper resistance at $2,463, the bull will be activated. Otherwise, if the price drops to $2,182, the probability of the bears pulling the price back below $2 looks high.
Adding to substance, technical indicators remain distinct from the bullish scenario at press time. Cardano price needs to check for trend reversal from consolidation and then buy will be activated. In general, the next two hours may be very important for determining the daily close. Once the ADA price closes above $2.4, there may be a noticeable upward trend on the horizon.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risks, so you should always do your own research before making decisions. We do not recommend investing money that you cannot afford to lose.
