As a seasoned analyst with over two decades of experience in the financial markets, I have seen bull and bear cycles come and go. The current state of ADA is a fascinating study, given its potential and the challenges it faces simultaneously.
1) The cost of ADA has dropped slightly just under a significant resistance point, causing its value to remain stable for nearly three weeks. Furthermore, an increase in node operators moving to v9.1.0 now brings the total up to 79%. Consequently, the price of Cardano has risen over the past day, potentially because of the highly anticipated Elon-Trump interview that sparked interest within the broader cryptocurrency community.
ADA Price Under Pressure, Bulls Still Optimistic
Early on Tuesday, the value of ADA climbed up to $0.337, while the total market capitalization of cryptocurrencies increased approximately 1.8% – a possible outcome from Elon Musk’s interview with Donald Trump.
In the meantime, the Cardano community eagerly awaits the Chang hard fork, with 79% of node operators already moving to the latest version 9.1.0.
UPDATE: #Cardano Node Version 9.1.0 = 79% #ChangHardFork
— Cardano Feed ($ADA) (@CardanoFeed) August 11, 2024
On the other hand, the analysis of the Cardano price chart indicates that these advancements might not be sufficient to counteract the significant bearish pressure on the asset.
Cardano Price Struggles to Break Free
Based on Cardano’s technical assessment, the current market trend appears bearish for the short term due to a recent break below a rising wedge formation. This break indicates a possible continued decrease in price.
The collapse following the increasing triangle pattern is considerable. By applying the measured move method using the height of the triangle, we can anticipate a possible additional fall worth about 0.048 dollars, placing the Cardano (ADA) estimated price point at roughly 0.280 dollars.
Currently, the price of Cardano is lower than both its 50-day and 200-day moving averages (at approximately $0.345 and $0.378 respectively), indicating a continuing downtrend. Notably, the 50-day moving average sits beneath the 200-day moving average, a situation that is typically interpreted as a bearish signal in technical analysis.
Currently, Cardano encounters some opposition at both its 50-day Exponential Moving Average (EMA) and 200-day EMA points. Notably, potential support zones have emerged around $0.28 and close to $0.25, areas where previous price consolidation occurred.
In simpler terms, the Relative Strength Index (RSI) currently stands at 40.42, which is nearly the threshold for oversold conditions. This suggests that although the downward trend appears robust, it might be approaching a point where sellers could exhaust themselves, allowing potential buyers to take over.
As an analyst, I’ve observed that the Chaikin Money Flow for ADA stands at -0.14. This suggests a net outflow of capital from ADA, mirroring the prevailing bearish sentiments in the market.
As a market analyst, if I observe that the price of ADA surges and maintains itself above its current range, this upward movement might indicate a strengthening market sentiment, thereby challenging the prevailing bearish perspective. If this trend continues, we could potentially see ADA reaching $0.376, with further potential for growth up to $0.42.
Bulls Betting on ADA Price to Rise Higher
69% of Cardano investors are hopeful that the price will climb even further, based on data from Coinalyze indicating a majority holding long positions on the asset.
Additionally, the ADA open interest (OI) increased by 1.67% in the last 24 hours, suggesting that money flowed into Cardano. The Long/Short ratio for ADA increased, suggesting that investors are opening Lons betting the price will rise higher.
Further, Cardano’s active address count registered a 20% uptick in the last 24 hours, suggesting an increase in investor interest.
Cardano is currently affected by the broader market movements. If the market turns bullish, then ADA price may break above the key suppressing resistanc e level and make new monthly highs in August.
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2024-08-13 10:32