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Momentum indicators are favoring a bullish outlook as well as the Relative Strength Index (RSI) has climbed above its 14-week simple moving average (SMA) while the MACD’s histogram shows that negative momentum has been steadily decreasing for three weeks in a row.
Meanwhile, trading volumes at these levels have been the highest throughout the entire year as BTC attracted significant interest from buyers once it got near $80,000.
A first plausible target for Bitcoin in the mid-term could be set at $140,000 if history repeats.
ADA Will Encounter Strong Selling Pressure at $0.750
On-chain metrics for Cardano have not yet recovered strongly despite the token’s latest uptick Daily transaction volumes currently sit at 28,700, meaning a 48% drop in the past 3 months while daily active addresses have also declined from 36,800 to 23,500 during this same period.
Smart contract platforms typically thrive as their DeFi ecosystems expand. However, this does not seem to be the case for Cardano as the project’s ecosystem is quite small compared to its rivals like Ethereum, Solana, and BNB Chain.
Cardano has focused mainly on developing real-world applications that are powered by its blockchain.
Looking at the daily chart, we can see the two key levels to watch for ADA. The chart is not as bullish as that of BTC as it is still too early in the cycle to expect the beginning of altcoin season.
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