Family, the cryptocurrency market has been quite lively recently. Today, Brother Yang will have a good chat with everyone about the short-term trend of ADA (Cardano)!
First, looking at the technical side, ADA has been quite strong lately, breaking through the $0.84 mark! Some analysts boldly predict that if this level can be confirmed, the target price might soar like a rocket, increasing by 70% to $1.50! However, the current range of $0.76 - $0.80 is a key resistance level, like a small mountain in the way of ADA's rise. ADA is now gearing up to try and break through the current level, with prices holding between $0.89 - $0.91, and it remains to be seen if it can push through!
Now let’s talk about the overall market situation. In the past 24 hours, the cryptocurrency market has taken a slide, dropping by 3.69%. This is mainly due to the U.S. PPI data coming in higher than expected. Everyone was hoping for a rate cut from the Federal Reserve, but now that hope seems a bit dim. Additionally, the U.S. Treasury's statement regarding Bitcoin's strategic reserves has also brought uncertainty to the market, like throwing a big stone into a calm lake, creating ripples. These macro factors are like invisible hands that may influence ADA's short-term trend.
But don't panic, the good news is that ADA has been included in the discussion of the 'U.S. Strategic Cryptocurrency Reserve,' which is like giving investors a peace of mind, as policy expectations support everyone's confidence.
Brother Yang offers some trading suggestions: consider going long around $0.9400 - $0.9200, initially targeting $0.9800, and if the momentum is good, then look towards around $1.0200. But everyone should remember that the market is quite volatile, like sailing in a turbulent sea, so be sure to operate cautiously and manage risk well.
