AscendEx (ASD) price has witnessed strong bullish momentum over the last 24 hours, bouncing back from an intra-day low of $0.046.
The bullish sentiment has pushed the ASD price to a seven-day high of $0.053, marking a 15% increase in the past day and a significant 20% rise over the last 30 days. This recovery reflects growing investor confidence and renewed buying pressure in the market.
ASD’s Market Cap and Trading Volume Surge
Coinciding with the recent price spike, AscendEx’s market capitalization surged by 14.75% to $32.5 million. Additionally, the 24-hour trading volume saw a dramatic increase, jumping by 122% to $8.47 million, signaling heightened market activity and investor interest.
Market analysts suggest that ASD’s recent price action could signal the beginning of a broader upward trend. If this momentum continues, AscendEx could see further price appreciation in the short to medium term.
Is AscendEx Gearing Up for a 50% Price Rally?
The surge in trading volume and market capitalization has renewed attention on AscendEx (ASD), with buyers driving prices higher amid an overall bullish sentiment. The increase in 24-hour trading volume to $8.47 million represents an influx of liquidity, which has fueled optimism for further gains.
Open interest in ASD futures has also risen by 13.8% to $2.19 million, reflecting growing confidence among traders and investors. This uptick indicates that market participants are positioning themselves for potential upward price movement, with analysts forecasting a possible 50% rally if bullish momentum sustains.
Technical Indicators Point Toward Continued Growth
Technical analysis for AscendEx (ASD) confirms a bullish outlook on multiple indicators. On the 4-hour price chart, ASD recently broke above a key resistance level at $0.050, signaling a potential upward breakout.
The breakout occurred after a period of consolidation, with buyers pushing the price past the resistance and maintaining control above $0.053. This move has strengthened buyer dominance and established new support levels.
The Moving Average Convergence Divergence (MACD) indicator further supports the bullish sentiment. The MACD line has crossed above the signal line, indicating upward momentum. Simultaneously, the histogram has turned green, reflecting building buyer strength as the price trends higher.
Additionally, the Relative Strength Index (RSI) stands at 64.21, positioning ASD in a bullish zone without nearing overbought conditions. The RSI previously peaked at 70 before stabilizing, highlighting sustained buying interest without excessive market overheating.
More Upside Potential for AscendEx (ASD)?
Analysts believe that if current momentum holds, AscendEx (ASD) could target the $0.065 resistance level, representing a potential 25% increase from current levels. With the market sentiment improving and technical indicators favoring further gains, ASD appears well-positioned for continued growth in the near term.
Investors are advised to monitor the trading volume and key technical levels closely. If the bulls maintain control and break past $0.065, AscendEx (ASD) could potentially gear up for a 50% rally, pushing prices toward $0.070 in the coming weeks.