Cardano Price- ADA Could Be Primed for a Rebound – Here’s Why
Cardano Price– Cardano (ADA) has recently seen a significant decline, with the token down 1.7% in the last 24 hours, trading at $0.6934. Over the past two weeks, ADA has fallen by 22%, while its 30-day loss stands at 25%. Despite these short-term losses, ADA is up 29.3% year-to-date, indicating strong long-term growth.
Possible Reversal Ahead for Cardano
Analyst Ali Martinez has identified a potential reversal in Cardano’s price trend. Using the TD Sequential Indicator, Martinez pointed out a buy signal in the latest daily candlestick, which often suggests an impending price bounce. ADA has been in a downtrend since late January, but it has now reached a crucial support level, signaling trend exhaustion.
In addition, market technician Jonathan Carter observed the formation of a bull flag pattern, suggesting ADA could test its support once more before moving upward. He expects favorable entry points around $0.60, with potential price targets of $0.845, $1.000, $1.150, and $1.325.
Investor Activity and Market Trends
On-chain data from IntoTheBlock indicates a decrease in whale holdings by 1.68%, but retail participation has increased by 1.60%, suggesting growing interest in Cardano from smaller investors.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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