Why Are Traders Bullish on Art de Finance’s ADF? Price Bottoming Out Suggests +150% Spike Ahead From Here
Art De Finance’s native ADF token has gained significant momentum this week, surging 15% today and 46% over the last 7 days. According to recent analysis, ADF seems to have bottomed out after a prolonged bearish period, with its price showing signs of picking up sustained upside traction once again.
Bullish Reversal Off Bottom
ADF endured heavy selling pressure between November 15th and January 2nd that saw its price pushed to new lows. However, the token has started recovering over the past three days after finding a bottom.
The break above crucial resistance around $1.26 is signaling a potential trend change, especially if it can now hold as support on any pullbacks. Establishing this level as a new price floor would open up further upside potential.
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Show more +What is Art De Finance?
Art de Finance (ADF) is a Web 3.0 Art Platform that aims to support both digital and physical art. It offers an NFT marketplace, a blockchain social platform, NFT proof of authenticity, art storage for physical artworks, and an NFTfi service. ADF stands out by providing various specialized platforms interconnected with each other.
By leveraging blockchain technology, ADF seeks to address key challenges for artists while also helping expand the nascent cryptocurrency-based art market – a theme resonating in today’s NFT-driven environment.
RSI Shows Oversold & Room to Run
ADF’s relative strength index (RSI) currently sits at 14, signaling the token has become heavily oversold off its bottom. This supports the bullish reversal thesis and suggests substantial upside potential lies ahead.
If ADF can reclaim further resistance levels at $2.4 and then $3.7, it would represent total gains exceeding 150% from the current price of $1.35. The $3.7 level also aligns with the key 50% Fibonacci retracement resistance, adding to its technical relevance as an upside price target.
So in summary, ADF’s bearish streak appears to be ending with a bottom established and its first uptrend forming. With the technicals also flashing bullish signals, traders seem to be positioning for the token to once again trade above $3.50 and higher if key levels are broken.
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