Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The higher timeframe market structure remained strongly bullish.- The $0.4-$0.42 is an important region of resistance- but ADA is likely to push higher.Cardano [ADA] bounced from $0.38 to reach the $0.4 level of resistance over the past three days.Its technical structure remained bullish on the one-day timeframe – a move above $0.4 and subsequent retest could be a buying opportunity.
Is your portfolio green? Check the Cardano Profit Calculator The increase in whale transactions saw a significant increase after 3 February.This raised concerns that buyer dominance was weakening.
Any pumps into the $0.42 area will be to take profits on Cardano has seen a remarkable run so far.
A jump above $0.31 and the subsequent retest of $0.32 saw the support on the daily market structure decisively broken.The bias remained bullish, although the RSI continued to drop lower to show weakened bullish momentum.This was because ADA encountered a stern band of resistance around $0.4.It is an important higher timeframe horizontal level.
The $0.425 level acted as support from May to October 2022.Beneath it, the $0.4 and $0.376 levels also acted as important support and resistance levels in October and November.How much is 1, 10, 100 ADA worth today? Therefore, ADA bulls late to the party must recognize that the meat of the move upward is finished.Lower timeframe scalps within the $0.4-$0.42 region is possible.Longer-term buyers can wait for the flip of $0.42 to support before bidding and must be ready to cut the trade on a drop below $0.4.The rising OBV meant some demand was present behind ADA.
Above $0.42, $0.51 and $0.6 are the next high timeframe levels to watch out for.Sentiment has been lukewarm in February Weighted sentiment fell below the zero mark as February 2023 began and hasn’t recovered since.The MVRV ratio (30-day) also tumbled, but the price did not see a significant sell-off.
This hinted that near-term holders might have finished booking profits, and selling pressure could soon abate.The development activity was unaffected by the higher price swing, which should encourage long-term holders.The age-consumed metric saw a swift spike in early February when ADA pulled back from $0.413.
ADA price action Cardano’s performance in Q4 may have a September connection – Here’s how Cardano’s [ADA] show of strength per its development activity seemed to have stood at crossroads due to some contrasting views.According to Santiment, development activity on the ADA chain had decreased significantly since 28 September after reaching peaks.However, Input Output Global (IOG), the development team behind the Vasil upgrade, had opposing opinions.In the firm’s weekly update, Cardano had onboarded 1,113 projects and 100 that were launched.In the same vein, transactions had crossed the 50 million mark.ICYMI: Our weekly #Cardano development update is live on #EssentialCardano! Check out what our dev team has been up to and get the latest on our development progress.
As always, we welcome your feedback and comments👇 https://t.co/eEdCmXCB7C — Input Output (@InputOutputHK) October 1, 2022 For Cardano, this was an excellent landmark since the Vasil hard fork.However, the transaction count showed a slow down in the Cardano ecosystem.
Hence, it could have impacted Santiment’s records.As of 2 October, ADA’s development activity was back to the point it was on 6 September.Moreover, the development activity was not the only one on a backpedal.Going back in time? As ADA stood around the $0.43 price of 2 October, it seemed like the altcoin wanted to play “catch back.” A look at the charts showed that ADA’s current momentum was similar to the state it was in four weeks ago.Furthermore, as of 2 October, the Relative Strength Index (RSI) showed that ADA was approaching the four-week support level.At that position, then, ADA was able to fight its way out of losing the 3 September support grip.But are the circumstances presently the same? Considering that the RSI was at 37.76, one may have assumed that a reversal would require asking for sellers’ mercy.However, it seemed like it was not all black and white without the presence of other indicators.
Per the On-Balance-Volume (OBV), ADA could be on its way to reclaiming the 25% volume loss in the last 24 hours.While there was no certainty, a drop of the OBV to 43.30 billion was minimal as compared to 1 October.Because of this state, ADA still had the chance to reverse to bullish momentum.For the Chaikin Money Flow (CMF), it could be vital to help ADA follow the same September pattern mentioned above.
However, the CMF was at -0.11, meaning less money had recently been pumped into ADA.Then again, indications from the CMF showed that an increase in volume was about to begin.If so, ADA could head towards a recovery of the 1.84% one-day decrease.On the other end, there were still signs of a collapse of the bears.All in all, the altcoin had formerly passed through this phase.
One almost certain thing is that ADA might have to choose which of the September levels it prefers for the last quarter — a recovery or the downside.Cardano [ADA] seems to have shifted gears in favor of a bullish recovery in June as is the case with its performance so far.ADA bulls are once again showing their strength this week after maintaining an upward trajectory during the weekend and well into Monday, 6 June.But can they maintain the same momentum, or are they due for another correction? A closer look at ADA’s current price action reveals that the bulls were aided by the lack of enough bearish volume at the end of last week.The bears lacked enough momentum to push the price towards the downside after reaching the 50% RSI level.
As a consequence, the slight correction in the first few days of June was rather weak, paving the way for more accumulation and an uptick.ADA bulls size up the upcoming resistance ADA traded at $0.625 at press time after a 9.98% rally in the last 24 hours.
However, the price uptick has notably pushed ADA into territory that has been tested as resistance at least two times in the past.If a similar outcome occurs, then we should expect another bearish retracement in the next few days is there a breakout potential? ADA is currently rallying above the 50% RSI level and is now approaching its 50-day Moving Average.The last time ADA traded above the 50-day MA was before mid-April.Such a crossing would encourage more investor confidence.
ADA’s uptick is currently underpinned by increasing bullish momentum and some accumulation.It still has room for more upside considering that it is currently trading within a descending and resistance channel.However, the extent of the bullish reign remains uncertain and tied to prevailing market conditions.On-chain metrics may provide a rough but clearer picture of whether ADA will extend its current rally.
ADA’s supply distribution by balances on addresses reveals what the top holders, AKA whales, have been doing.For example, addresses holding more than 10 million ADA reduced from 49.13% to 49.08% from 1 June to 6 June.Addresses holding between 1 million and 10 million ADA increased from 17.44% to 17.51% between 1 June and 6 June.The market cap bounce back seems to have been more aligned with the latter group.
Conclusion Whales accumulating the token seems to ring good news bells for ADA.The probability of breaking through the narrow range is heightened and the potential implication is that ADA’s price floor will likely increase.This is assuming that the market is recovering from the risk-on conditions that prevailed in the last few weeks.Top posts Legal1 hour ago Craig Wright loses U.K.
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