Cardano [ADA] price has been consolidating in a symmetric pattern in the last three months since late April.
price has been consolidating in a symmetric pattern in the last three months. The price is currently at a key support level at around $0.44 and the buyers are trying to push the price up at this key level to stop the price from further drops.price above the Bollinger band moving average line, then a surge to the symmetric triangle resistance level that has been tested twice in the past three months is likely.
However, if the buying pressure is not enough to surge the price above the moving average, the bearish pressure is likely to breakdown the support level at around $0.44 and drop further to retest the next resistance in line at around $0.42., Cardano is currently priced at $0.44 indicating a 0.04% increase in the last 24 hours and a 3.44% decrease in the last 7 days.These peaks indicate periods of heightened ADA social interest activity which may lead to a surge in ADA prices.
The Total Supply on Profit indicates a descending trends for the last three months. The Total Supply held by Whales with more than $5 million increased steadily for the last three months.The increasing spikes in the social activities, decreasing profit of ADA holders and increasing accumulation of large investors over the past three months confluences for a buying zone that could accumate a buying pressure to the symmetric triangle resistance level.
AMBCrypto further analyzed Long/Short Ratio data from Coinglass and data indicated a significant volatile market with frequent shifts in the market sentiment. The Investors are actively buying and selling with neither taking control. Although, the whale activities may shift the market up from the building bullish momentum.Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent. Ann uses her eye for attention to detail to focus on the regulatory and political developments associated with the crypto-space.Subscribe to get it daily in your inbox.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cardano price prediction: Will ADA break above $0.46 soon?Cardano (ADA) has been trading between $0.40 and $0.46, showing limited movement as it consolidates.
Read more »
Cardano: Can rising DEX activity rescue ADA from price declines?The daily trading volume on Cardano's decentralized exchange (DEX) has surpassed 23 million ADA, indicating robust user engagement.
Read more »
Cardano’s price loss – Is it time to scoop more ADA?Losing 5.42% of its value in the last 7 days is something that has allowed Cardano [ADA] to emerge as one of the market's worst performers...
Read more »
Cardano whales’ behaviour means THIS for ADA’s price and its tradersThere has been a noteworthy shift in Cardano's token supply distribution. In fact, analysis revealed that wallets holding 100 million to...
Read more »
Cardano price prediction – Did Bitcoin’s 8% gains finally rescue ADA?Cardano's price action has been interesting lately. What does this mean for ADA's price prediction in the days ahead though?
Read more »
Cardano price prediction: Why ADA can drop 30% to $0.3The Fibonacci levels plotted based on Cardano's drop from $0.81 in March showed that the 23.6% southward extension was the next target.
Read more »