- The price of ADA may break support and go to new lows.
- ARB’s price may continue to fall as demand continues to decline.
Cardano [ADA] You can also find out more about the following: Arbitrum [ARB] In its recent analysis, IntoTheBlock pointed out that the Layer 2 assets and Layer 2 assets are those with the largest number of losses among holders. post Twitter (formerly on X)
According to on-chain data, 60 % of ADA holders have a negative balance. ARB is also in the red for 83.43%.
In the last 30 days, both of these assets values have decreased significantly. The values of both assets have declined significantly in the last month. CoinMarketCap’s In the last thirty days, ADA’s value has plummeted by 30 percent, while ARB’s has dropped 35 percent.
ADA: More negatives for the time being
The price movement of ADA on a three-day chart indicated that the value of ADA was expected to decline further.
Chart readings showed that coin price dropped below 20-days and 50-days moving averages at the beginning April.
If the price of an asset falls below this MA, then it is often a sign that momentum has shifted from bullish to bearish.
It is a sign that the stock market may be in a decline. The price of the asset could also continue to decrease if low demand continues.
The Relative Strength Indicator of ADA (RSI), and Money Flow Index indicators (MFI) confirmed that ADA demand has declined by market participants.
As of the date this article was written, ADA’s RSI stood at 35.60 while its MFI stood 32.13.
These indicators show that coin sales are slightly higher than coin accumulation by ADA traders.
In addition, ADA has seen a double-digit drop in price over the last two months. This forced it back to its previous support price of $0.44 as at the time of publication.
Even though a downward triangle was formed and bullish breaks are usually expected, the price is still likely to drop below $0.26 due to the negative outlook.
The coin may break in an upwards trend if bulls can take control. It could be worth $0.88.
ARB is a small company with limited options
ARB was trading at $1.03 as of the time of publication. The 1-day chart of its movements showed a marked decrease in the demand. The RSI of the company and its MFI were below their respective middle lines as we went to press.
You can read more about it here Cardano’s [ADA] Price Prediction 2024-25
The Elder-Ray Index returned a value of -0.1, indicating that there was a bearish market. This index measures the strength between altcoin buyers and sellers on the market.
This indicator indicates that the bears have taken over.
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Source: ambcrypto.com