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Resistance Breaks at Cardano Price 📊
Recently, Cardano's (ADA) price exceeded a significant resistance level, showing the potential to rise to a value of $0.5 and above. This can directly affect investors' belief in ADA and their movement in the market. In addition, there are changes in the dynamics of supply and demand; short-term investors dispose of their assets in less than a month, while medium-term investors prefer to hold their assets for up to a year.
Change in Investor Behavior
The supply of short-term traders has dropped from 21.64% to 14.23% over the past three weeks. This decline shows that ADA investors are more motivated to hold their assets rather than dispose of them. On average, medium-term owners currently control 50.63% of the ADA supply, which can be considered a sign of increased confidence in investing.
Market Fluctuations and Statistical Analysis
The ratio of Cardano's Market Value to Real Value (MVRV) evaluates the investor's profit or loss status. The 8.4% drop in ADA's 30-day MVRV rate suggests investors are experiencing losses, which could potentially lead to more accumulation. This provides possible savings opportunities for ADA investors.
Medium-term investors now hold more than half of the ADA supply, indicating increased stability and investor confidence in the market.
The MVRV decline points to possible accumulation opportunities; investors may consider low MVRV rates as opportunities to buy.
Breaking resistance levels could trigger new price targets for ADA and maintain an uptrend.
As a result, these changes in ADA's market performance and investor behavior can offer significant investment opportunities, especially for medium-term investors. The rise in price and the exceeding of resistance levels could help strengthen ADA in the cryptocurrency market.
#CardanoSurge $ADA #priceprediction #analysis
Recently, Cardano's (ADA) price exceeded a significant resistance level, showing the potential to rise to a value of $0.5 and above. This can directly affect investors' belief in ADA and their movement in the market. In addition, there are changes in the dynamics of supply and demand; short-term investors dispose of their assets in less than a month, while medium-term investors prefer to hold their assets for up to a year.
Change in Investor Behavior
The supply of short-term traders has dropped from 21.64% to 14.23% over the past three weeks. This decline shows that ADA investors are more motivated to hold their assets rather than dispose of them. On average, medium-term owners currently control 50.63% of the ADA supply, which can be considered a sign of increased confidence in investing.
Market Fluctuations and Statistical Analysis
The ratio of Cardano's Market Value to Real Value (MVRV) evaluates the investor's profit or loss status. The 8.4% drop in ADA's 30-day MVRV rate suggests investors are experiencing losses, which could potentially lead to more accumulation. This provides possible savings opportunities for ADA investors.
Medium-term investors now hold more than half of the ADA supply, indicating increased stability and investor confidence in the market.
The MVRV decline points to possible accumulation opportunities; investors may consider low MVRV rates as opportunities to buy.
Breaking resistance levels could trigger new price targets for ADA and maintain an uptrend.
As a result, these changes in ADA's market performance and investor behavior can offer significant investment opportunities, especially for medium-term investors. The rise in price and the exceeding of resistance levels could help strengthen ADA in the cryptocurrency market.
#CardanoSurge $ADA #priceprediction #analysis
$BTC #analysis .
one Thing you always need to remember Market always move towards #liqudity .
in 1Month TF more liquidity is present at 71k
But when you see 3 month chart 50K is the Bottom.
#BTC🌪️ dominance should be reduced to 51% for #Alts to move.
Don't do panic sale.
#Altacoins at the Bottom Before there next rally.
For Further updates you can follow me.
one Thing you always need to remember Market always move towards #liqudity .
in 1Month TF more liquidity is present at 71k
But when you see 3 month chart 50K is the Bottom.
#BTC🌪️ dominance should be reduced to 51% for #Alts to move.
Don't do panic sale.
#Altacoins at the Bottom Before there next rally.
For Further updates you can follow me.
Current Market Analysis
1. Bitcoin Support Levels: Strong support is noted at $55,800 and $53,000, indicating a presence of buyers in these zones.
2. Bitcoin Resistance: Significant resistance levels are observed at $60,000 and $63,500, suggesting selling pressure in these areas, potentially leading to Bitcoin sales.
Bitcoin's market trajectory depends on these levels, and investors should devise their own strategies accordingly.
Analysis:
Bitcoin has failed to maintain the $59,000 level and has broken below it. As predicted, the price experienced a significant downturn post-breakdown. We might witness some lateral movement in the market, with a possible retest of the $59,000-$60,000 range before the next major movement.
This is just analysis not a financial advice.
$BTC
$SOL
$ETH
#BTC
#BinanceLaunchpool
#ScamRiskWarning
#BullorBear
#analysis
1. Bitcoin Support Levels: Strong support is noted at $55,800 and $53,000, indicating a presence of buyers in these zones.
2. Bitcoin Resistance: Significant resistance levels are observed at $60,000 and $63,500, suggesting selling pressure in these areas, potentially leading to Bitcoin sales.
Bitcoin's market trajectory depends on these levels, and investors should devise their own strategies accordingly.
Analysis:
Bitcoin has failed to maintain the $59,000 level and has broken below it. As predicted, the price experienced a significant downturn post-breakdown. We might witness some lateral movement in the market, with a possible retest of the $59,000-$60,000 range before the next major movement.
This is just analysis not a financial advice.
$BTC
$SOL
$ETH
#BTC
#BinanceLaunchpool
#ScamRiskWarning
#BullorBear
#analysis
#uzumakisensi
$IMX currently bearish market drags every crypto downwards.
There is an opportnuity for you to DCA.
ImmutableX is in my radar for long time. I posted my detailed views. Do share and like my view, it will encourage me to do more analysis.
Next buy place will be at $1.54.
#analysis #TrendingPredictions
$IMX currently bearish market drags every crypto downwards.
There is an opportnuity for you to DCA.
ImmutableX is in my radar for long time. I posted my detailed views. Do share and like my view, it will encourage me to do more analysis.
Next buy place will be at $1.54.
#analysis #TrendingPredictions
Cardano investors have every reason to be cautious given ADA’s current range.
✓ADA lost over 50% of its value in the past three months.
✓ADA could continue to trade sideways within the $0.2530 – $0.2682.
#analysis
✓ADA lost over 50% of its value in the past three months.
✓ADA could continue to trade sideways within the $0.2530 – $0.2682.
#analysis
Made by MMMaximus #SNX 12H
Cryptovizor: TREND 🔴🔴🔴🔴🔴 MA 🔴 RSI 🔴 00:01 12.05.2023
Volume 1D 5.44M CD Week -1.85M
Designated level reached, stop losses removed, and a rebound seems likely. For a long position, we'll wait for confirmations through candlestick patterns and possibly a lower high on smaller timeframes. Still, a reaction at the 2.53 resistance level is expected, planning for a short position there. If the current level isn't held, the primary target is the 1.428 level. #trading #crypto2023 #analysis #cryptotrading
Cryptovizor: TREND 🔴🔴🔴🔴🔴 MA 🔴 RSI 🔴 00:01 12.05.2023
Volume 1D 5.44M CD Week -1.85M
Designated level reached, stop losses removed, and a rebound seems likely. For a long position, we'll wait for confirmations through candlestick patterns and possibly a lower high on smaller timeframes. Still, a reaction at the 2.53 resistance level is expected, planning for a short position there. If the current level isn't held, the primary target is the 1.428 level. #trading #crypto2023 #analysis #cryptotrading
Made by GTR800 #XRP 12H
Cryptovizor data: TREND 🟢🟢🟢🟢🔴 MA 🟡 RSI 🟢 18.05.2023
Volume 1D 229.07 M CD Week 59.91 M
The price is in the active trading zone. With a volume of $154M, a positive and increasing Cumulative Delta (CD), and significant buying clusters, the market shows promising signs. The price dipped below the 200-day MA into the $0.43-$0.41 range but bounced back to the Point of Control (POC) within the resistance block of $0.449-$0.479
If the price continues to rise, consider long positions upon the breakout of the resistance block's upper boundary or a retest of the $0.479 level. For short positions, consider if the price declines and breaks below the $0.412 level, or upon a retest of the resistance block's lower boundary at the $0.449 level
#trading #crypto2023 #analysis #cryptotrading
Cryptovizor data: TREND 🟢🟢🟢🟢🔴 MA 🟡 RSI 🟢 18.05.2023
Volume 1D 229.07 M CD Week 59.91 M
The price is in the active trading zone. With a volume of $154M, a positive and increasing Cumulative Delta (CD), and significant buying clusters, the market shows promising signs. The price dipped below the 200-day MA into the $0.43-$0.41 range but bounced back to the Point of Control (POC) within the resistance block of $0.449-$0.479
If the price continues to rise, consider long positions upon the breakout of the resistance block's upper boundary or a retest of the $0.479 level. For short positions, consider if the price declines and breaks below the $0.412 level, or upon a retest of the resistance block's lower boundary at the $0.449 level
#trading #crypto2023 #analysis #cryptotrading
#Matic Price Prediction 2024 #Polygon
Month Minimum Price Average Price Maximum Price Potential ROI
February $0.9437 $1.03 $1.06
8.1%
March $1.01 $1.06 $1.11
13.2%
April $1.04 $1.08 $1.16
18.3%
May $1.08 $1.12 $1.21
23.4%
June $1.11 $1.16 $1.25
27.5%
July $1.14 $1.18 $1.31
33.6%
August $1.17 $1.21 $1.36
38.7%
September $1.19 $1.23 $1.42
44.9%
October $1.23 $1.27 $1.48
51%
November $1.26 $1.31 $1.53
56.1%
December $1.31 $1.36 $1.59
62.2%
All Time $1.13 $1.18 $1.32
34.3%
#Write2Earn #prediction #analysis
Month Minimum Price Average Price Maximum Price Potential ROI
February $0.9437 $1.03 $1.06
8.1%
March $1.01 $1.06 $1.11
13.2%
April $1.04 $1.08 $1.16
18.3%
May $1.08 $1.12 $1.21
23.4%
June $1.11 $1.16 $1.25
27.5%
July $1.14 $1.18 $1.31
33.6%
August $1.17 $1.21 $1.36
38.7%
September $1.19 $1.23 $1.42
44.9%
October $1.23 $1.27 $1.48
51%
November $1.26 $1.31 $1.53
56.1%
December $1.31 $1.36 $1.59
62.2%
All Time $1.13 $1.18 $1.32
34.3%
#Write2Earn #prediction #analysis
First Republic Bank's Decline Boosts Bitcoin as Traditional Banks Struggle with Financial Crises
Bitcoin's value has been on an upward trajectory in 2023 following historical bank runs. However, it was recently unable to surpass the crucial $30,000 threshold, resulting in a rejection. Yet, after the collapse of First Republic Bank shares, the primary cryptocurrency has surged over $1,000 in a single day, reaching above $28,000 per coin. Should there be a retest of former levels combined with a new narrative, this could lead to a highly optimistic outlook for BTC. Let us delve deeper into how a continuous crisis in the banking industry may fortify the ever-increasing bullish trend of the cryptocurrency's price.
Bitcoin Retakes $28,000 But Is More Upside Coming?
In recent months, the conventional banking system has been encountering liquidity and solvency concerns, with Bitcoin being a notable beneficiary of this trend. In early March, Silicon Valley Bank and others underwent massive bank withdrawals.
As a result, BTCUSD soared more than 40% in a matter of days. Presently, with First Republic Bank's shares plummeting and over $100 million in deposits fleeing, Bitcoin is once again surging.
While the $1,000 price shift is significant on its own, the cryptocurrency's ability to retest and uphold a vital support level could bolster the confidence of crypto bulls to drive prices higher. Additionally, retracements would be much less significant. Minor pullbacks signify purchasing pressure and demand.
Further, Bitcoin hitting fresh 2023 highs could indicate that the crypto winter is over and that things will heat up in the upcoming weeks.
Bank runs lead to Bitcoin rallies | BTCUSD on TradingView.com
First Republic Bank Risks Failure, Reigniting New Crypto Narrative
The decline in First Republic Bank's share price is attributable to a pessimistic first-quarter earnings report. The bank announced that over $100 million in deposits were withdrawn in Q1.
CEO Mike Roffler stated that the bank would be exploring "strategic alternatives" and "taking measures to significantly reduce our expenditures to align with our emphasis on downsizing the balance sheet." The bank plans to reduce its workforce by up to 25%, cut salaries of top-level executives, and make other similar changes.
According to Charles Gasparino of Fox Business News, bankers anticipate that the government will take over First Republic Bank as "private sector solutions" fail to garner interest from potential buyers or investors.
As traditional banks continue to face financial difficulties, investors are increasingly using Bitcoin as a hedge against the instability of the financial system. This trend underscores the growing acceptance of Bitcoin as a dependable investment and store of value.
The notion that BTC outperforms banks could be the catalyst that drives the market forward. If Bitcoin can maintain its current levels and successfully retest prior levels, it could bode very well for the cryptocurrency, leading to further price appreciation in the future.
twitter Tony "The Bull" @tonythebullBTC
#BTC #bitcoin #analysis #marketupdate #dyor
Source: bitcoinist
image Source: pixabay
If you enjoy our content and want to show your support, please like, share, and follow us for more high-quality updates.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Bitcoin Retakes $28,000 But Is More Upside Coming?
In recent months, the conventional banking system has been encountering liquidity and solvency concerns, with Bitcoin being a notable beneficiary of this trend. In early March, Silicon Valley Bank and others underwent massive bank withdrawals.
As a result, BTCUSD soared more than 40% in a matter of days. Presently, with First Republic Bank's shares plummeting and over $100 million in deposits fleeing, Bitcoin is once again surging.
While the $1,000 price shift is significant on its own, the cryptocurrency's ability to retest and uphold a vital support level could bolster the confidence of crypto bulls to drive prices higher. Additionally, retracements would be much less significant. Minor pullbacks signify purchasing pressure and demand.
Further, Bitcoin hitting fresh 2023 highs could indicate that the crypto winter is over and that things will heat up in the upcoming weeks.
Bank runs lead to Bitcoin rallies | BTCUSD on TradingView.com
First Republic Bank Risks Failure, Reigniting New Crypto Narrative
The decline in First Republic Bank's share price is attributable to a pessimistic first-quarter earnings report. The bank announced that over $100 million in deposits were withdrawn in Q1.
CEO Mike Roffler stated that the bank would be exploring "strategic alternatives" and "taking measures to significantly reduce our expenditures to align with our emphasis on downsizing the balance sheet." The bank plans to reduce its workforce by up to 25%, cut salaries of top-level executives, and make other similar changes.
According to Charles Gasparino of Fox Business News, bankers anticipate that the government will take over First Republic Bank as "private sector solutions" fail to garner interest from potential buyers or investors.
As traditional banks continue to face financial difficulties, investors are increasingly using Bitcoin as a hedge against the instability of the financial system. This trend underscores the growing acceptance of Bitcoin as a dependable investment and store of value.
The notion that BTC outperforms banks could be the catalyst that drives the market forward. If Bitcoin can maintain its current levels and successfully retest prior levels, it could bode very well for the cryptocurrency, leading to further price appreciation in the future.
twitter Tony "The Bull" @tonythebullBTC
#BTC #bitcoin #analysis #marketupdate #dyor
Source: bitcoinist
image Source: pixabay
If you enjoy our content and want to show your support, please like, share, and follow us for more high-quality updates.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Opinion from our experts: Bitcoin at $36,000?
Analyzing a technical chart of Bitcoin's price movement. Right now, BTC is trading within a tapering triangle that is "about to break up." From a technical point of view, this could lead to an increase by an amount equal to the range in which the triangle began to form. And that makes about 6,100 points, to the level of $35-36 ths.🤔
#BTC #crypto2023 #Binance #analysis #priceanalysis
Analyzing a technical chart of Bitcoin's price movement. Right now, BTC is trading within a tapering triangle that is "about to break up." From a technical point of view, this could lead to an increase by an amount equal to the range in which the triangle began to form. And that makes about 6,100 points, to the level of $35-36 ths.🤔
#BTC #crypto2023 #Binance #analysis #priceanalysis
Made by deciesnovum #API3 4h
Cryptovizor data:
TREND 🟢🟢🟢🟢🔴 MA 🔴 RSI 🟡 29.05.2023
1D Volume 684.3 K CD Week -473.74 K
API3 (API3) is a decentralized API infrastructure that aims to provide secure and decentralized data feeds for Web 3.0 applications.
API3 is in an uptrend up to the 12-hour timeframe but far from the MA. It recently reached a March high, but the weekly CD is negative. The current situation is not bullish. A long position could be considered after consolidating above 1.248-1.288, aiming for 1.35-1.4. A short scenario, with a stop-loss above 1.3 targeting 1.19, seems more probable.
#trading #BinanceTournament #analysis #cryptotrading
Cryptovizor data:
TREND 🟢🟢🟢🟢🔴 MA 🔴 RSI 🟡 29.05.2023
1D Volume 684.3 K CD Week -473.74 K
API3 (API3) is a decentralized API infrastructure that aims to provide secure and decentralized data feeds for Web 3.0 applications.
API3 is in an uptrend up to the 12-hour timeframe but far from the MA. It recently reached a March high, but the weekly CD is negative. The current situation is not bullish. A long position could be considered after consolidating above 1.248-1.288, aiming for 1.35-1.4. A short scenario, with a stop-loss above 1.3 targeting 1.19, seems more probable.
#trading #BinanceTournament #analysis #cryptotrading
Understanding the Technical Levels of RUNE: Support and Resistance in Focus
The price of RUNE has been showing an overall bull trend on the daily timeframe, but recent price action suggests a bearish correction. Investor sentiment is currently indecisive, as the price consolidates after a 20% correction. However, there is a possibility of a bullish recovery for the RUNE price if it gains buyer support near the demand zone. The current price is trading near its previous support level.
Based on the previous analysis, the current trading scenario for RUNE indicates that the price is being influenced by the bears. However, the price gained support from buyers after retesting the $1.300 price point, resulting in a 30% surge and a bullish rally that exceeded initial estimates. Despite being in a bearish trend, the analysis suggests that the price could potentially reverse from the 200 EMA.
Source: RUNE/USDT by TradingView
Near early November, the price took a sharp downfall of 38 percent, followed by which the RUNE price took support from the $1.000 level and started a bull trend. In the overall uptrend, the price increased by more than 92%.
However, despite attempting to break through its critical resistance of the 200 EMA, RUNE price was unable to find success after taking resistance from this level and experiencing a death cross from the faster-moving averages. This resulted in a strong bearish candle that broke the uptrend, causing a 22% downfall. Although the price made another attempt to break the resistance, it has not been able to do so yet.
Source: RUNE/USDT by TradingView
The current trend for RUNE price is majorly bearish, with the price trading below the 200-day EMA. Its recent resistance level is near the 100-day EMA, indicating that multiple barrier levels could pose a significant obstacle for the price to overcome in the near future.
The RSI line for RUNE is facing resistance from the 14 SMA and is currently trading below the median line. The RSI line is currently at 40.13 points, with the 14 SMA giving support at 42.79 points. It is possible that the RSI curve may take a small correction before making a reversal.
The Stochastic RSI indicator for RUNE is currently trending close to the oversold level, hovering around 10.12 points. Additionally, the %K line has already crossed above the %D line at approximately 9.10 points, which is below the 30 RSI level. These signals indicate that the stochastic RSI is making a bullish reversal from the current levels.
Based on the analysis provided, the price of RUNE is currently showing signs of a bearish correction but has the potential to take a bullish turn if it gains buyer support near the demand zone. The technical indicators suggest that there could be a small correction before a reversal, but the Stochastic RSI is making a bullish reversal from the oversold levels. The support level for the RUNE price is at $1.200, while the resistance level is at $1.500. Overall, investors should monitor the price action closely and consider the technical levels before making any investment decisions.
#rune #analysis #marketupdate #crypto #crypto2023
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Based on the previous analysis, the current trading scenario for RUNE indicates that the price is being influenced by the bears. However, the price gained support from buyers after retesting the $1.300 price point, resulting in a 30% surge and a bullish rally that exceeded initial estimates. Despite being in a bearish trend, the analysis suggests that the price could potentially reverse from the 200 EMA.
Source: RUNE/USDT by TradingView
Near early November, the price took a sharp downfall of 38 percent, followed by which the RUNE price took support from the $1.000 level and started a bull trend. In the overall uptrend, the price increased by more than 92%.
However, despite attempting to break through its critical resistance of the 200 EMA, RUNE price was unable to find success after taking resistance from this level and experiencing a death cross from the faster-moving averages. This resulted in a strong bearish candle that broke the uptrend, causing a 22% downfall. Although the price made another attempt to break the resistance, it has not been able to do so yet.
Source: RUNE/USDT by TradingView
The current trend for RUNE price is majorly bearish, with the price trading below the 200-day EMA. Its recent resistance level is near the 100-day EMA, indicating that multiple barrier levels could pose a significant obstacle for the price to overcome in the near future.
The RSI line for RUNE is facing resistance from the 14 SMA and is currently trading below the median line. The RSI line is currently at 40.13 points, with the 14 SMA giving support at 42.79 points. It is possible that the RSI curve may take a small correction before making a reversal.
The Stochastic RSI indicator for RUNE is currently trending close to the oversold level, hovering around 10.12 points. Additionally, the %K line has already crossed above the %D line at approximately 9.10 points, which is below the 30 RSI level. These signals indicate that the stochastic RSI is making a bullish reversal from the current levels.
Based on the analysis provided, the price of RUNE is currently showing signs of a bearish correction but has the potential to take a bullish turn if it gains buyer support near the demand zone. The technical indicators suggest that there could be a small correction before a reversal, but the Stochastic RSI is making a bullish reversal from the oversold levels. The support level for the RUNE price is at $1.200, while the resistance level is at $1.500. Overall, investors should monitor the price action closely and consider the technical levels before making any investment decisions.
#rune #analysis #marketupdate #crypto #crypto2023
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Cardano Price Forecast as Whale Activity Shows Huge Buy Orders Filling Up – What Do They Know?
Cardano (ADA) was last changing hands in the low $0.39s and as such remains marooned well within this week’s $0.38-$0.40ish ranges.
Cardano’s lack of volatility is surprising given that crypto and broader financial markets have been substantially roiled by Wednesday’s Fed meeting on Friday’s US jobs report.
But ADA bulls will take heart from the fact that the $0.38 support level has continued to hold firm, and that ADA hasn’t fallen below either its 50 or 100-Day Moving Averages.
Somewhat ominously, Cardano has formed a descending triangle in recent weeks, which often form ahead of bearish breakouts.
A break below key near-term $0.38 support could open the door to a drop back to the low-$0.30s.
But ADA could also break to the north of its recent downtrend, which would open the door to a move back towards late April highs in the $0.42 area at the very least.
ada-chart 1D
Under the hood, a few key on-chain metrics are signaling strength in the Cardano network.
A chart being widely shared across crypto media on Friday, courtesy of Santiment, shows that on-chain ADA trading volumes have continued to rise in recent weeks, with a few recent instances of large daily spikes to multi-month highs.
Meanwhile, a separate chart courtesy of IntoTheBlock shows that, on-chain transactions of at least $100,000 in size rose 33% between the 28th of April and 3rd of May.
It seems that Cardano whales are driving a strengthening of on-chain activity.
Do the Whales Know Something We Don’t?
Why might Whales be transacting in larger sums?
Unless you can look into the minds of each of the Cardano whales moving large sums across the blockchain, no one can know for sure.
But with Cardano still down around 87% down from its 2021 peaks, despite crypto markets broadly looking to be in the early stages of a new bull market, smart money might be on the move buying the dip.
And just as the new crypto spring arrives, Cardano’s ecosystem is showing a lot of promising signs.
Cardano remains one of the most highly developed blockchains and new Decentralized Finance (DeFi) projects – like the much-hailed launch of the Cardano-based DJED stablecoin project - are springing up, which has been driving admittedly still small, but snowballing growth in Cardano’s trade value locked in smart contracts.
With Cardano’s long-term prospects looking good, it's perhaps not a surprise to see rising whale activity as smart money moves in.
source: cryptonews
mage source: ai
#ada #cardano #analysis #prediction
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Cardano’s lack of volatility is surprising given that crypto and broader financial markets have been substantially roiled by Wednesday’s Fed meeting on Friday’s US jobs report.
But ADA bulls will take heart from the fact that the $0.38 support level has continued to hold firm, and that ADA hasn’t fallen below either its 50 or 100-Day Moving Averages.
Somewhat ominously, Cardano has formed a descending triangle in recent weeks, which often form ahead of bearish breakouts.
A break below key near-term $0.38 support could open the door to a drop back to the low-$0.30s.
But ADA could also break to the north of its recent downtrend, which would open the door to a move back towards late April highs in the $0.42 area at the very least.
ada-chart 1D
Under the hood, a few key on-chain metrics are signaling strength in the Cardano network.
A chart being widely shared across crypto media on Friday, courtesy of Santiment, shows that on-chain ADA trading volumes have continued to rise in recent weeks, with a few recent instances of large daily spikes to multi-month highs.
Meanwhile, a separate chart courtesy of IntoTheBlock shows that, on-chain transactions of at least $100,000 in size rose 33% between the 28th of April and 3rd of May.
It seems that Cardano whales are driving a strengthening of on-chain activity.
Do the Whales Know Something We Don’t?
Why might Whales be transacting in larger sums?
Unless you can look into the minds of each of the Cardano whales moving large sums across the blockchain, no one can know for sure.
But with Cardano still down around 87% down from its 2021 peaks, despite crypto markets broadly looking to be in the early stages of a new bull market, smart money might be on the move buying the dip.
And just as the new crypto spring arrives, Cardano’s ecosystem is showing a lot of promising signs.
Cardano remains one of the most highly developed blockchains and new Decentralized Finance (DeFi) projects – like the much-hailed launch of the Cardano-based DJED stablecoin project - are springing up, which has been driving admittedly still small, but snowballing growth in Cardano’s trade value locked in smart contracts.
With Cardano’s long-term prospects looking good, it's perhaps not a surprise to see rising whale activity as smart money moves in.
source: cryptonews
mage source: ai
#ada #cardano #analysis #prediction
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
$CTK
Long
SL : 0.607
Targets : 0.625 - 0635 - 0645
⚠️ Disclaimer: Financial markets involve risks and potential losses.
Please exercise caution and make informed decisions when engaging in trading activities.Past performance is not indicative of future results, and individual outcomes may vary.
#tradingstrategy #analysis #cryptocurrency
Long
SL : 0.607
Targets : 0.625 - 0635 - 0645
⚠️ Disclaimer: Financial markets involve risks and potential losses.
Please exercise caution and make informed decisions when engaging in trading activities.Past performance is not indicative of future results, and individual outcomes may vary.
#tradingstrategy #analysis #cryptocurrency
