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Cryptocurrency News Articles
Cardano (ADA) Price Prediction: Will ADA Recover After a Market Correction?
Oct 02, 2024 at 01:30 am
Just last week, Cardano's (ADA) price was $0.42, as speculation spread that the token could rally toward $0.50. But today, this is no longer the case
Cardano’s (ADA) price showed signs of weakness last week after rising to $0.42 amid speculation of a rally toward $0.50. However, ADA’s price took a downturn, reaching $0.38.
But investors may have to brace themselves for more bad news, as key on-chain metrics and price action suggest that Cardano could be facing continued downward pressure.
Here’s why investors may want to hold off on buying ADA just yet.
Cardano Metrics Indicate It’s Not Time to Buy
One indicator that suggests Cardano may continue to face downward pressure is the Market Value to Realized Value (MVRV) Long/Short Difference. This oscillating indicator shows whether long-term holders have more unrealized profits than short-term holders or otherwise.
When the MVRV Long/Short Difference is higher, the sentiment is bullish since long-term holders have the upper hand. Conversely, a negative Long/Short Difference indicates that short-term holders have more gains and is a bearish sign.
According to Santiment, Cardano’s MVRV Long/Short Difference is -25.67%, indicating that ADA is yet to exit the bearish phase. With demand dropping, this current condition suggests that Cardano’s price could be set for another fall.
Another metric that supports this outlook is the price Daily Active Addresses (DAA) divergence. The DAA divergence shows whether the price increase is backed by user participation.
When the metric is positive, it means network activity is dominant, and if the price increases, it is a buy signal. However, a negative price-DAA indicates a lack of user activity. For Cardano, it is the latter, suggesting a sell signal and predicting that ADA’s price might decrease.
ADA Price Prediction: Another Decline
A glance at the daily chart shows that Cardano’s price broke out of the descending triangle on September 22. As a result, ADA moved up to $0.42 earlier. But the token is now pivoting downward again.
This suggests that Cardano’s price might soon hit the horizontal support of the descending triangle. But first, that will only happen if the cryptocurrency slips below the support at $0.35. In that case, ADA’s value could tank to $0.31.
However, if bulls help ADA stay above $0.35, the price might bounce. This could also be due to increased interest and buying pressure around the token. In that scenario, Cardano’s price could climb to $0.40, and later on, hit $0.46 or as high as $0.50.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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