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Cryptocurrency News Articles
Cardano (ADA) Price Prediction: It's a Breakdown as Holders Continue Distribution
Jun 14, 2024 at 08:00 pm
While Cardano (ADA) holders anticipate a price bounce in the short term, on-chain analysis proves it may take some time.
Cardano (ADA) price analysis reveals a potential bearish trend in the short term as indicated by on-chain analysis. Despite the anticipated price bounce, ADA’s price has dropped by 32.29% year-to-date.
However, the Mean Coin Age (MCA) suggests a rise in selling pressure, indicating a possible decrease in ADA's price. On the other hand, the funding rate shows optimism among traders as long-positioned traders pay a fee to shorts, keeping their positions open despite the token’s underperformance.
Pseudonymous analyst Sssebi predicts a potential ADA pump soon. Meanwhile, BeInCrypto analysis reveals a descending triangle formation on the daily chart, suggesting a continuation of the downtrend or consolidation.
The analysis also highlights a decrease in the On Balance Volume (OBV) reading, indicating selling pressure. If the selling pressure persists, the next target for ADA is $0.40. However, bulls may attempt to defend the support at $0.42, potentially leading to a resistance level of $0.46 if accompanied by increased accumulation.
Additionally, the upcoming Voltaire upgrade and Chang hard fork may also influence ADA's price.
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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！
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