- ADA fell by 23% or more in the last 7 days.
- The majority of metrics and indicators support the idea that ADA could test the bull pattern.
Cryptos are similar to other cryptos. Cardano [ADA] As the price charts for the tokens continued to be red, the bears led the market. ADA’s price chart had a change of trend reversal. A bull pattern was formed.
Can ADA turn their charts green? Bitcoin [BTC] Its next What about a half-off on 19th April?
Cardano bulls have woken up
Last week, ADA tokens’ price dropped by a staggering 23%. According to CoinMarketCapIn the past 24 hours, ADA has dropped over 2.5%.
But, there’s more. ADA price had been consolidating in a triangle bullish symmetrical at the time of press, indicating a rally.
AMBCrypto analyzed ADA’s chart for 4 hours and concluded that if ADA breaks the $0.454 level of resistance, it could experience a powerful bull run as BTC experiences its fourth halving.
It was possible that ADA would test the pattern, since the price of the token had increased by 1.15% over the past 60 minutes.
It was the 10th biggest crypto at press time. At $0.4498, with a capitalization over $16 billion.
ADA on track
A few metrics looked positive, apart from the price movement. AMBCrypto’s analysis of Santiment’s data revealed that ADA’s seven-day MVRV has improved over the past couple days.
The Funding rate had dropped as well. As prices move in the opposite direction of the funding rates, it was possible that ADA would soon see a rise in its price.
The social volume of the token was relatively high during the week before, but it spiked on the 14th April. Cardano’s rise in popularity is evident in the increase in social volume.
Its weighted sentiment rose the week before last after dropping the previous day, indicating that the negative mood around this token has started to diminish.
We then looked at the daily chart to better understand if ADA would be able to break through resistance of $0.454. Cardano’s Relative Strength Index was oversold.
You can read more about it here Cardano’s [ADA] Price Prediction 2024-25
It was a sign that the buying pressure for tokens might be increasing soon. This would result in an increase in price. The MACD showed a market advantage for the bears.
Money Flow Index also fell, which indicated that ADA may take longer to become bullish.
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Source: ambcrypto.com