- ADA halted temporarily at the resistance of $0.787 but maintained its bullish structure and momentum.
- The drop in speculator confidence suggested that a bearish mood could be taking root.
Cardano [ADA] A week ago, we saw a break-out past a key level of resistance. AMBCrypto reported The word “that” is a phrase that means, “that which”. memecoin market Cardano could experience an increase in users and activity, which is a positive result.
From a technical perspective, ADA should rally towards the psychological $1 mark. On the contrary, key metrics suggest that buyer dominance is beginning to decline.
Demand at the highest levels was encouraging
The chart of the 12-hour prices above shows that there is a bullish market structure. At the time of publication, the RSI was 58.5. This showed that although momentum has slowed in recent days, it still favors buyers.
The OBV also agreed. The OBV agreed. bounced back strongly The days that followed. The buyers will be dominant as long as the indicator doesn’t drop below the low of the last few days.
Key resistance levels are $0.787 & $0.917 next. Based on the size of the range that ADA traded within over the past 3 months, a move towards the $0.917 mark is expected.
The $1.24 and $1.25 levels are the next highest. next HTF resistances
The declining Open Interest indicated a possible shift in sentiment
![Cardano Santiment](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1709933707_714_Cardano-Predictions-show-ADA-prices-will-hit-1-but-when.webp.webp)
![Cardano Santiment](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1709933707_714_Cardano-Predictions-show-ADA-prices-will-hit-1-but-when.webp.webp)
Source: Santiment
Santiment metrics did not seem as bullish, despite the strong price movement and technical indicators. Since mid-February the average coin age has decreased, despite a price rally.
Inferred was that tokens were being moved around by holders, possibly for the purpose of selling. This lack in faith could harm ADA’s chances to rise quickly.
How much is 1, 10, or 100 ADA worth today?
The MVRV showed that the holders of the shares were in profit, as ADA hit new local highs. The Open Interest, however, has been trending downwards in the last two weeks.
Combined to the coin age average, the lack speculator belief indicated ADA may have a tough time reaching $0.91 until the factors change.
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Source: ambcrypto.com