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- 1 ADA’s price has reached a bottom of around $0.4200 and is eyeing for a pullback.
- 2 On-chain metrics imply a significant buy-on-dip opportunity to enter.
The Cardano (ADA) price trades close to the make-or-break zone around $0.4300 and faces resistance near the 100-day EMA mark.
Meanwhile, the short-term trend is neutral, and the coin may replicate a bounce soon. Following the market correction, the ADA coin lost the gains and dragged below the key moving averages.
However, the current price action signifies stability and a decline in price volatility. A recent partnership with Bitcoin Cash may shift the ADA price higher soon. At press time, the Cardano coin (ADA) price traded at $0.4539 with an intraday gain of 2.10%, reflecting neutrality on the charts. It has a monthly return ratio of -25.38% and 27.89% yearly.
The pair of ADA/BTC is at 0.00000739 BTC, and the market cap is $16.71 Billion. Analysts are neutral and suggest that the ADA price may retain the gains and deliver a bounce soon.
Here’s what Price Action is Saying About Cardano (ADA)
The Cardano (ADA) price persisted in eroding gains for weeks and reached a bearish trajectory. The price action signifies the follow-on selling pressure, and the coin replicates underperformance on the charts.
Source: Santiment
Notably, the trading volume reflected a sharp spike of over 76% to $488.97 Million, highlighting the buying pressure. Meanwhile, the coin has succeeded in retaining momentum and is looking to revert the gains.
Technical Indicators Insights: What’s Next For ADA Coin
1. Sharpe Ratio
Source: Messari
The Sharpe Ratio Indicator signifies a downtrend and highlights the selling pressure. The value drags in the negative region, marked at -3.93. Meanwhile, the bulls need to gain more momentum to execute a reversal and surpass the 100-day EMA mark.
2. Historical In/Out Of the Money
Source: IntoTheBlock
Per the above data, only 48% of in-the-money holders at the current price level are in profit, whereas more than 41% are looking to secure their gains, highlighting a negative outlook.
3. Surge in Popularity
The data shows that this week’s social volume highlighted an up move and spiked over 3.27% to 192.
Source: Santiment
Moreover, the development activity kept rising and reached the midline around 487, noting the positive development reports. The Momentum Indicator (Relative Strength Index) looks neutral, and the curve stays below the midline at 40, replicating a negative divergence.
The Cardano’s coin, which ranked 11 in market capitalization, reflected a notable spike of over 2%, suggesting a short-term bullish trend. The immediate support levels for the Cardano coin (ADA) are $0.4400 and $0.4200, whereas the key upside hurdle is around $0.4700, followed by $0.4900.
Conclusion
The Cardano (ADA) coin price signifies a notable rise of over 2% and replicates bull accumulation in the intraday session. Moreover, the correction has been completed, and signs of pullback were noted.
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
