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ADA Price Prediction: Bulls Target $0.450 after Return to $0.400

Jimmy Khan

Oct 26, 2022 15:20

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ADA was one of the leading cryptocurrencies during the bullish Tuesday session. For the first time since September, $0.50 becomes relevant due to a change in mood.


Tuesday saw a 12.04% increase in ADA. ADA finished the day at $0.400, reversing a loss of 1.38% from the previous day. ADA avoided sub-$0.35 for the second time in seven sessions and finished the session at $0.40 for the first time in fifteen sessions.


ADA dropped to a morning low of $0.357 due to range-bound trading. ADA soared to a late high of $0.417 while avoiding the First Major Support Level (S1) at $0.352. For the first time since October 10, ADA crossed through the Major Resistance Levels to close the day at $0.400.


The breakout session was driven by a broad-based cryptocurrency surge and a persistent change in public opinion toward the Cardano network.


Cardano's investor sentiment portrays a more positive ADA outlook.


The mood of cryptocurrency investors regarding the Cardano network has significantly changed recently. Although the weekly Input Output HK (IOHK) figures did not show much promise, ADA has been able to catch up to the larger crypto market thanks to expectations of an uptick in activity.


As of Monday, October 24, ADA has decreased 22.05% since the Vasil hard fork. The cryptocurrency market, in contrast, fell 1.85%. The gap, however, started to close during Tuesday's breakout session as a result of a change in market perception of the Fed's monetary policies. The cryptocurrency market increased by a relatively moderate 4.49%, while ADA increased by 12.04%.


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