Despite a 19.3% decline in April, Cardano (ADA) has shown signs of recovery with a 5% price increase in the last 24 hours.
Around 35% of Cardano holders are currently in profit, while over 65% have held their tokens for more than a year, reflecting long-term confidence.
Data from Santiment indicates a decrease in mid-tier holders (10,000-100,000 ADA) and an increase in large holders (1 million+ ADA).
Analyst Ali Martinez identifies a buy signal on Cardano's TD Sequential indicator, suggesting a potential short-term upswing of 1-4 days.
However, Cardano's Relative Strength Index (RSI) remains below 50, indicating that bearish sentiment may still prevail.
During April 2024, Cardano faced a challenging period, experiencing a decline of 19.3% and remaining in a downward trend on both a monthly and weekly basis.
However, there are promising signs of recovery on the horizon.
As of now, Cardano has demonstrated a notable 5% price increase in the past 24 hours, offering a glimmer of hope amidst the otherwise bleak market sentiment.
Despite the recent downturn, data from IntoTheBlock reveals a positive development. The percentage of Cardano holders in profit has increased, with 35% currently in a profitable position, 6% at break even, and 59% facing losses. While these figures aren't overly bullish, they do represent an improvement from the 28% in profit during April.
Furthermore, more than 65% of Cardano holders have held their tokens for over a year, indicating a strong sense of confidence in the cryptocurrency's potential. Additionally, data from Santiment highlights a decline in the number of mid-tier holders (10,000-100,000 ADA) and a notable increase in the number of large holders (1 million+ ADA), suggesting a shift in ownership and bolstering confidence in Cardano's prospects.
Analyst Ali Martinez reinforces the possibility of a turnaround for Cardano, referencing the TD Sequential indicator on ADA's daily chart. The indicator currently displays a buy signal, indicating the potential for a relief rally lasting between one to four days, with a target price of $0.68.
While Cardano's RSI currently stands at 44, below the neutral-50 threshold, signs of a rebound can be observed from the ascending trendline. The cryptocurrency is also approaching the medium-term moving average at around $0.4858, indicating a potential breakout. However, the bulls may need to push the RSI above 50 to confirm their control and fulfill Ali's short-term outlook.
Investors should monitor the price action within the range of $0.4184 to $0.4858 for further indications of Cardano's recovery.
Disclaimer:
This article aims to deliver accurate and up-to-date information. However, Voice of Crypto will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so it is advised to conduct thorough research and make independent financial decisions.
#Cardano #ADA #Crypto2024 #cryptocurrency