Cardano (ADA) is facing challenges as it broke below the 200-day Exponential Moving Average (EMA), but short-term fluctuations could create buying opportunities. ADA's funding rates are improving, indicating that selling pressure is easing. The Crypto Fear & Greed Index, on the other hand, has fallen into the 'Extreme Fear' zone, indicating a negative sentiment for Cardano.
ADA is struggling to break out of the long-term downtrend after falling below the critical 200-day EMA support level. This support level has now become a significant resistance, making it difficult for ADA to recover. It has recently bounced off this resistance level, displaying a classic bearish candle pattern.
Despite the current downtrend, short-term fluctuations in the ADA price present opportunities for buyers. The $0.34 support level has been tested several times and the recent bounce formed a widening descending channel on the daily chart, leading to a 15% price increase in the last four days. Broad market sentiment significantly affects ADA's price movements. If ADA can close above its current pattern, a short-term bullish breakout could occur. Traders should watch for a definitive breakout of ADA above the 20-day and 50-day EMAs; This allows it to test the $0.48 resistance level. Otherwise, market pessimism could cause ADA to re-evaluate the major support level at $0.304.
Technical indicators present a mixed picture for ADA. The Relative Strength Index (RSI) closed above the important 50 level, indicating that selling pressure is easing. This came after a bullish divergence with ADA's price action. Additionally, the Moving Average Convergence Divergence (MACD) lines formed a bullish crossover but have not yet broken above the balance level. Breaking this level could increase bullish momentum.
According to Coinglass data, ADA's funding rates rose on exchanges last week; This indicates an increasing upward trend. An increase in open positions indicates the presence of traders opening new positions.
The price movements of ADA, which maintains an 84% correlation with Bitcoin, over the last 60 days are shaped depending on the sensitivity of Bitcoin. Potential investors should carefully evaluate Bitcoin's situation before making new investment decisions in ADA.
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