Cardano Bulls: Buy Side Volume Rises And Momentum Builds For ADA Breakout

Cardano is surrounded by bullish predictions, just like other important altcoins in the market these days.

FXStreet notes that the Cardano price has been stuck in a ditch for most of October as price action ranged between $2.0 and $2.4.

At the moment of writing this article, ADA is trading in the red and the coin is priced at $2.

The same online publication mentioned above notes that neither bulls nor bears could take control as both defended their support or resistance levels.

“The Relative Strength Index (RSI) has crossed above 50 again, proving buy-volume is picking up, and a breakout trade looks set to break $2.40 and target $2.74.”

The same online publication that we mentioned above notes that with the RSI picking up steam back above 50, it looks like bulls are ready to make another run at $2.40.

They also noted that this would be the third test of that level, and it looks more than likely to break this time.

ADA price is seeing bulls with more momentum in their corner, and all this is boosted by the current positive wave in cryptos and some tailwind spillover effects from the Nasdaq, Tesla, and Elon Musk.

“These should propel bulls above $2.40 in a breakout trade and start an uptrend towards $2.74.”

Not too long ago, we reported that CoinShares is looking at altcoins, and they said that the most notable coins seeing inflows were smart contract platforms Solana (SOL) and Cardano (ADA), as well as crypto exchange Binance’s BNB.

Solana and Cardano saw $8.1 million and $5.3 million in inflows.

Regarding the prices of the coins, at the moment of writing this article, both of them are trading in the green. ADA is currently trading at $2.18, while SOL is priced at $210.

Stay tuned for more news.