Cardano's ADA token shows signs of a potential rebound, supported by bullish technical indicators. However, declining network activity and fluctuating netflows add complexity to the outlook.
Cardano 's ADA token showed signs of a potential rebound, fueled by bullish technical indicators and market trends. On February 28th, a buy signal emerged from the TD Sequential indicator on the hourly chart, suggesting a possible reversal after a nine-candle bearish streak. This pattern, similar to past buy signals at $0.6180, hinted at a recurring bullish setup. Traders anticipate a potential rebound to $0.6700-$0.6800 if momentum sustains. However, a failure to break above $0.
6600 could push ADA down to $0.5800.Despite this positive signal, other indicators paint a more nuanced picture. Active addresses on the Cardano network dropped to 24.4k on February 28th from a peak of 90k in December 2019, indicating a decline in network activity. This could potentially exert downward pressure on the price. A rebound in active addresses to 30k might push ADA to $0.7000, while a drop to 20k could see the price fall to $0.5000.Adding to the complexity, Cardano's netflows also fluctuated significantly. After hitting $699.28k on February 28th, netflows had previously swung between -$40M and $20M. Net outflows of -$20M coincided with a price drop to $0.633. Conversely, inflows peaked at $20M when the price reached $1.20. This pattern suggests a strong correlation between netflows and price movements. If net inflows continue, ADA could potentially climb to $0.8000. However, a reversal to -$40M outflows could drag the price down to $0.5000
Cardano ADA Cryptocurrency Technical Analysis Price Prediction Bullish Signal Network Activity Netflows
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