Cardano (ADA) has made a strong comeback, with bulls stepping in to reverse the recent pullback and drive a fresh rally. After a brief period of downward pressure, the cryptocurrency is gaining traction once again, sparking renewed optimism among traders and investors. 

With positive momentum building, Cardano is showing signs of further upside movement, positioning it for continued gains toward the $0.4233 mark. The question now is whether bulls can sustain this surge and push ADA toward new highs. 

As the uptick progresses, this article aims to analyze ADA’s recent price movement, with a focus on how the bulls reversed the pullback and sparked a new rally. It will examine the current bullish path, evaluate key support and resistance levels, and explore the potential for sustained upward movement in the near term.

Bullish Momentum Returns: How Cardano Reversed The Pullback

On the 4-hour chart, Cardano has turned bullish, currently holding its position above the 100-day Simple Moving Average (SMA) printing multiple green candlesticks. As long as the price remains above this level, the bulls will likely maintain control, with the possibility of further gains if the upward trend persists.

An analysis of the 4-hour Relative Strength Index (RSI) reveals a notable surge, rising to 63% after previously dipping to 53%. This increase reflects growing bullish momentum, suggesting that buying pressure is gaining strength in the market. While the current level is still below overbought territory, the upward shift in RSI signals increased demand and could pave the way for additional upside.

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Also, the daily chart shows that Cardano is actively trying to break above the 100-day SMA, a key resistance level. Successfully surpassing this SMA could indicate a stronger optimistic trend and boost investor confidence, attracting more buyers. If ADA clears this resistance, it may lead to a shift in market sentiment and more upward movement.

The RSI on the daily chart is currently at 53%, indicating a bullish trend for ADA, as it is above the critical 50% threshold. Typically, this suggests that buying pressure is outpacing selling pressure, reflecting strong momentum and growing trader optimism about ADA’s price potential. 

Support And Resistance Levels To Watch In The Coming Days

On the upside, the $0.4233 resistance level is critical, as a successful breakout above this point could signal a stronger uptrend and draw in more buying interest. Should ADA surpass $0.4233, the next significant resistance to monitor will be at $0.5229. Clearing this level further bolsters bullish pressure, potentially leading to even higher price targets as market sentiment shifts favorably.

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Meanwhile, on the downside, the first support level to monitor if the bulls are unable to maintain their momentum is $0.3389. A break below this level could result in additional losses, possibly driving the price toward the next support level at $0.2388, which may further extend to lower support zones if selling pressure continues.

Featured image from iStock, chart from Tradingview.com

Uniswap (UNI) trading volume has increased by 150% within the last 24 hours, surpassing $400 million for the first time in almost 10 days. This development happened after the South Korean exchange Upbit listed new trading pairs for the altcoin.

In addition to the volume, UNI’s price also reacted to the development and rose above $8. Here is how it all happened and what could be next for the token.

Uniswap Sees Massive Growth in Volume and Network Activity

Upbit had previously listed Uniswap (UNI) with only a Bitcoin (BTC) trading pair on the spot market. However, earlier today, the exchange revealed that UNI has been added with additional trading pairs, including the Korean Won (KRW) and the USDT stablecoin.

Before this announcement, Uniswap’s trading volume was under $200 million, and its price hovered around $7.40. After the news broke, the price surged to $8.33, and the trading volume skyrocketed to $470 million.

This sharp rise highlights the growing interest in UNI from the Asian market, though it might not be entirely unexpected. Similar Upbit listings have triggered comparable reactions in the past. For example, MEW hit a new high after its listing, while Injective (INJ) climbed 10% following its own Upbit listing just last week.

Read more: How to Buy Uniswap (UNI) and Everything You Need To Know

Along with the surge in volume, the number of active addresses on the Uniswap protocol also climbed. Active addresses measure the number of users completing successful transactions on the blockchain. An increase in this metric signals growing user engagement, which can potentially drive prices higher.

Conversely, a drop in active addresses indicates low user interaction, which, if sustained, might lead to a notable price decline. Given the current uptick in network activity, there is a possibility that UNI’s price could continue to rise if this trend holds.

UNI Price Prediction: Token Aims Higher

Based on the daily chart, UNI’s surge above $8 ensured that it broke out of a descending triangle. For context, a descending triangle appears when a cryptocurrency’s price hits lower highs, helping to form the falling trendline with horizontal support.

When it drops below the support, the price might continue to fall. But since UNI’s price broke out of the pattern, it suggests that the altcoin could go higher. Should the token remain above the technical pattern, then the price could rise to $9.04. In a highly bearish case, it could rally toward $11.51. 

Read more: Uniswap (UNI) Price Prediction 2023/2025/2030

However, if Uniswap’s trading volume drops, this prediction might be invalidated. In that scenario, the altcoin’s value might sink to $5.62.

Toncoin (TON) price has recently shown signs of consolidation, with indicators pointing to a lack of clear momentum in either direction. The Relative Strength Index (RSI) and other technical indicators reflect neutral conditions, suggesting that the market sentiment is balanced for now.

The price is currently hovering near key levels, with neither bulls nor bears taking a definitive lead. Whether TON will break out of this range will depend on how the next few days unfold, potentially providing signals for a trend reversal or continued sideways movement.

TON RSI Shows a Neutral State

Toncoin’s (TON) Relative Strength Index (RSI) is currently at 44.38, down from 66 just one day ago. This drop indicates a weakening momentum, moving from a previously stronger position to a more neutral state.

The RSI measures the speed and change of price movements, and this decline suggests that buying pressure has eased, resulting in a more balanced market sentiment.

Read more: 6 Best Toncoin (TON) Wallets in 2024

The RSI is an important indicator used to assess whether an asset is overbought or oversold. Values above 70 typically indicate overbought conditions, and values below 30 suggest oversold conditions. TON price action shows a period of consolidation around $5.2, with a brief spike to $5.40 a few days ago.

The current RSI level, sitting at 44.38, suggests that this consolidation could continue, as there is no clear momentum in either direction for the TON price at the moment.

Toncoin Ichimoku Cloud Shows Consolidation

The Ichimoku Cloud for TON shows that the price is currently below the cloud, indicating bearish momentum. The leading spans, represented by the green and red clouds, are relatively flat. This suggests a lack of strong directional movement.

The price’s position near the base of the cloud reflects ongoing consolidation. This means it doesn’t show a clear indication of a strong upward or downward trend emerging in the immediate term.

Additionally, the moving averages are trending downward, and the price remains below these lines, further confirming the prevailing bearish sentiment. With the cloud providing resistance overhead and the price consistently hovering around the $5.2 level, TON appears to be in a consolidation phase.

If the price breaks above the EMA lines or the Ichimoku cloud, it could signal a trend reversal, but for now, the signs point to continued indecision and a potential period of sideways trading.

TON Price Prediction: Can TON Return to $6 In October?

The EMA lines for TON clearly indicate bearish pressure, with the short-term EMAs positioned below the long-term EMA. The downward slope of these lines signifies that bearish momentum is still in play.

The price currently trades near all of these EMAs, indicating consolidation. That also means the possibility of significant price movement in either direction depending on market conditions.

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TON also has key support and resistance levels that help map out potential price action. Immediate support lies at $5.10, and if this level is breached, the next support is down at $4.42, which could signal a deeper correction. On the upside, resistance levels are marked at $5.42, $5.80, and $6.13.

A successful breakout above these resistance levels, particularly above $5.80, could suggest a reversal in momentum and a return to a bullish trend. However, until a decisive move occurs, TON seems to be trading within a range, showing a neutral to bearish outlook.