- Cardano suggested that a structure bullish was beginning to develop, but the downward trend had not yet been reversed.
- It is not necessary for buyers to FOMO, they just need to wait until a pivot point flips to a support level.
Cardano [ADA] From Monday the 8th July until Saturday the 13th July, prices jumped 35%. A rapid increase in prices can be attributed by an increase of buying from large holders.
This long-term pattern of the token is still bearish The psychological level of $0.5 was expected to be crucial in the days ahead.
It is a sign that the trend in the market has reversed.
It is encouraging to see that the 1-day chart has now risen above its recent low of $0.4235. This is an indication of a shift in the market structure, but does not necessarily mean that a trend will be followed.
Resistance was stiff in the area between the previous range low at $0.44 to $0.475 and also around that support zone. There was also a red bearish block of orders (at the area $0.46-$0.5). If the daily close is above $0.5, it could signal a possible uptrend. The buyers should remain cautious.
The daily RSI has risen above the neutral 50-point mark. This is another sign of a positive shift in momentum. OBV rose above its lows of two weeks ago. This indicates that there was buying pressure behind recent gains.
A retest in the area of $0.42-$0.43 could provide a good buying opportunity for $0.46-$0.5.
The number of whales accumulating has increased in the last month
Addresses with more than 10 million tokens saw a 6.93% increase over the month.
The token’s steady decline in price over the past few weeks reinforced the notion that there were whales accumulating.
You can read more about it here Cardano’s [ADA] Price Prediction 2024-25
Cardano was expected to move up towards $0.5.
Breaking through that level could signal a trend upwards that would extend all the way to $0.57 and $ 0.68, which were both significant levels earlier in the year.
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Source: ambcrypto.com