Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA, at the time of writing, was bullish despite being in the overbought zone It could break above $0.3292 and retest $0.3457 resistance Cardano [ADA] overcame the resistance zone above $0.2660 after Bitcoin’s [BTC] […]
The bulls had the upper hand, given the RSI was in the overbought zone and OBV has increased recently. As such, ADA bulls could attempt to break above $0.3292 and retest the overhead resistance at $0.3457 in the next few days.
A bullish BTC, mainly if triggered by favorable CPI data on 12 January, could push ADA to aim at $0.3827, a 20% potential rally. Alternatively, bears could force ADA prices below $0.3145, which would invalidate the above bias. Nevertheless, such a downward move could find steady support at $0.2997 and rebound, forcing ADA to trade within its previous mid-November and mid-December trading range of $0.2997 – $0.3292.Cardano’s network has seen massive building by developers since 1 January, as evidenced by the uptick in development activity. Although ADA prices peaked around 9 January, development activity continued to soar.
Similarly, ADA saw a handful of whale transaction counts in the last few days. At press time alone, there were about four transactions of more than $1 million. The supply distribution chart offered extra clarity on the transactions.Here is the breakdown of major whale category dominance and actions at press time:Selling pressure came from those distributing the coins, while demand came from the whales that were accumulating.
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