Cardano’s (ADA) price is failing to note any recovery as the altcoin continues to surrender to the bearish cues.
The investors, too, seem to be giving up on the crypto asset, which could lead to further selling.
Cardano Investors Step Back
Signs of Cardano’s price potentially changing direction are becoming evident. The Moving Average Convergence Divergence (MACD) is currently indicating a bullish crossover, suggesting a potential shift in trend for the altcoin. This crossover could also be an early signal of upward momentum, which might attract more interest from traders and investors.
A bullish crossover in the MACD often precedes a positive price movement, as it reflects increasing buying pressure. If this trend continues, Cardano could see a reversal from its recent performance, moving in a more favorable direction.
Read More: How To Buy Cardano (ADA) and Everything You Need To Know
However, despite the promising MACD signal, participation among ADA investors is at a multi-year low. This lack of activity is concerning, as it indicates a general disinterest or caution among investors, which could limit the impact of the bullish crossover.
As a result, this low participation is currently triggering a sell signal. The combination of a bullish MACD and declining investor engagement presents a mixed outlook, suggesting that the potential for a trend shift may be hampered by the lack of market involvement.
ADA Price Prediction: Don’t Look Up
Cardano’s price, at $0.332, is stuck under the resistance of $0.346. This level has kept ADA from noting a rally for nearly ten days. The aforementioned mixed signals further point to a delay in recovery.
The likely outcome for Cardano is a sideways movement, within $0.346 and $0.311. These levels have been acting as limits for the altcoin’s consolidation and could continue to do so.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
On the other hand, a breakout could send the crypto asset to $0.375, the next crucial barrier for ADA. If Cardano’s price notes a rise beyond this point, it would have completely invalidated the bearish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Aaryamann Shrivastava
https://beincrypto.com/cardano-ada-price-uptrend-likely/
2024-08-17 18:00:00
