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- 1 ADA price signifies minimal moves and is hovering around the 50 day EMA mark.
- 2 Buyers are attempting for a rebound and are eyeing the $0.8000 mark.
The Cardano coin price signifies an uptrend and has persisted in forming the higher high swings for weeks. This week, the coin has retested the upward trendline and is close to the 50-day EMA support zone, from where a significant bounce is anticipated by analysts. However, the coin needs to surpass the prompt 20-day EMA hurdle to regain momentum, which will lead to retesting the upside of $0.8000 in the next sessions.
At press time, the Cardano coin (ADA) price was trading at $0.6502 with an intraday drop of 0.10%, reflecting neutrality on the charts. It has a monthly return ratio of 5.90% and 76.19% on a yearly basis. The pair of ADA/BTC is at 0.00000921 BTC, and the market cap is $23.91 Billion. Analysts are neutral and suggest that ADA coin price may attain buying momentum ahead and will retest the upside hurdle of $0.8000 soon.
Cardano Price To Volume Profile Reveals Neutrality
The above data showed the ADA coin price to volume profile which revealed neutral price action and indecisiveness was witnessed. Along with the unclear trend, investors are in dilemma and closely eyeing the $0.6400. Recently, a rebound from the 100-day EMA mark was noted, which gives a conviction that buyers are anticipating a pullback ahead. The trading volume noted an increase of over 8.29% to $619.95 Million.
The relative strength index (RSI) curve is near the midline and shows convergence, whereas the MACD indicator shows a bearish crossover and is suggesting volatility swings lay ahead.
Price Volatility and Sentiment Analysis
The price volatility remained lower and stayed closer to the midline of 0.012 signifying the minimal movements. However, the weighted sentiment shows a steady outlook and the value remained in the positive territory, noting around 0.521.
Social Dominance and Twitter Follower Data Outlook
Per the Santiment data, the social dominance data shows nominal movements and remained below the midline around 0.718%, whereas the X followers data showcased a decline over 45% to -482.
What Does Open Interest and Active Addresses Indicate?
The above data shows the derivative data a neutral outlook, whereas the open interest noted an increase over 0.31% to $440.45 Million, indicates that bulls are attempting for a rebound to retest the upside of $0.8000 soon. Moreover, the active addresses showed a steep decline and reached 136k.
Per the Fib levels, the coin has sustained gains above the 38.2% zone and might retest the 50% zone soon. The ADA coin has a total supply of 45 billion, and the volume to market cap ratio is 0.0259.
Summary
The Cardano coin (ADA) price chart shows minimal fluctuations and that ADA is holding on to gains near the trendline support zone of $0.6400. The trend is optimistic and the bulls may acquire momentum, which will help the crypto reach $0.8000.
Technical Levels
Support Levels: $0.6200 and $0.6000
Resistance Levels: $0.6800 and $0.7000
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
