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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 Prediction: It's a Breakdown as Holders Continue Distribution

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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Other articles published on Oct 05, 2026