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Author: Sebastian Villafuerte

Cardano Follows 2020 Bullish Pattern Top Analyst Plans To Take Profits Between $4 And $6

Cardano (ADA) faced a 23% retrace from its local highs yesterday, following a volatile day that saw many altcoins lose ground. Despite the correction, ADA has been one of the top-performing altcoins since November 5, showcasing its resilience amid market fluctuations. Investors remain optimistic that Cardano will continue outperforming as the broader crypto market gains momentum. Related Reading: PEPE Whales Increased Their Holdings By $1.4 Billion Yesterday Details Top analyst Ali Martinez shared a technical analysis on X, highlighting striking similarities between ADAs current price chart and its 2020 performancea year marked a bullish phase for altcoins. According to Martinez, this resemblance suggests Cardano might be gearing up for another significant rally. However, the next few weeks will be critical for confirming this trajectory, particularly as Bitcoin continues to drive the market with its strong upward momentum. The interplay between Bitcoins performance and altcoin activity will be pivotal in shaping ADAs price action. If Bitcoin sustains its bullish cycle, altcoins like Cardano will likely “wake up” and follow suit. For ADA, holding above key support levels and breaking back toward its recent highs will be essential to sustain investor confidence and set the stage for a potential breakout as the market evolves. Cardano Rally Could Continue Cardano has delivered an extraordinary performance since November 5, surging over 300% in under a month. This impressive rally has captured the attention of investors and analysts, making ADA one of the standout performers in the altcoin market. However, the recent sharp drop has sparked concerns about the potential for a deeper correction, leaving many investors on edge. Analyst and investor Ali Martinez recently shared an optimistic perspective on ADA’s trajectory via X. According to Martinez, Cardano’s current price action mirrors its behavior during 2020, preceding a massive bull run. Martinez acknowledges the possibility of a dip to $0.76 but views it as a buying opportunity, underscoring his confidence by stating his plans to book profits between $4 and $6. His analysis suggests that the current pullback is a natural part of ADAs larger bullish cycle rather than a signal of weakness. Related Reading: Dogecoin Pressing Range Highs Can Bulls Push DOGE To ATH? Despite the recent retrace, key metrics and positive market sentiment support the case for ADAs upward trajectory. Cardanos robust performance over the past month highlights its resilience, and many investors remain optimistic about its long-term potential. As the crypto market evolves, ADA’s ability to hold key support levels and regain momentum will be critical in determining its next move. Price Holding Above Key Level Cardano (ADA) is trading at $1.01 after experiencing a sharp 20% dip yesterday. Despite this significant pullback, ADA has demonstrated resilience, holding firm above the critical support level of $0.87. This level has proven to be a strong foundation for ADAs price action, suggesting that the asset remains well-positioned for further upward momentum. For ADA to continue its bullish trajectory, it must maintain its position above $0.90 in the coming days, solidifying investor confidence. However, the next critical milestone lies at the $1.25 resistance level. Breaking above this threshold will be crucial for ADA, as it would signal renewed buying interest and a potential continuation of its rally. Related Reading: Dogecoin Sees Quiet Breakout As Data Signals Rally Continuation Should ADA successfully hold above $0.90 and breach the $1.25 mark, the stage will be set for a massive continuation in its price. Such a move could attract more investors and further solidify ADA’s position as a top-performing altcoin. With the broader crypto market showing signs of strength, the coming weeks will be pivotal for ADA as it attempts to recover from recent volatility and push toward new highs. Featured image from Dall-E, chart from TradingView

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Cardano Faces 30% Correction Risk After Drop In Large Holders Netflow Details

Author: Sebastian Villafuerte

United Kingdom

Source: NewsBTC

Oct 13, 2024 12:05

Cardano Faces 30% Correction Risk After Drop In Large Holders Netflow Details

Cardano (ADA) is currently trading near its yearly lows after months of underwhelming price action. Since early August, the price has struggled to hold above the crucial $0.36 level. This shift has left ADA in a precarious position, with investors and traders watching for signs of a potential recovery. Related Reading: Dogecoin Could Break Yearly Highs Any Moment Now Crypto Analyst Data from IntoTheBlock highlights a significant drop in whale activity over the past month, raising concerns about further downside pressure. The decrease in large transactions suggests that major holders may be stepping back, adding to the likelihood of a deeper correction for the altcoin. If ADA fails to break above the $0.36 resistance in the coming days, a 30% retrace to lower demand levels seems inevitable. Market participants are awaiting confirmation of either a breakout or further declines as the broader market remains uncertain. The next few days will be crucial for determining Cardano’s short-term direction. Cardano Whales Leaving Early? Cardano is at a crucial liquidity level, with on-chain metrics indicating a potential for further decline, especially given the significant decrease in whale activity. Recent data from IntoTheBlock highlights a concerning trend: ADA whales, or large investors, have increasingly sold their holdings over the past month. This trend is evident in the 100% fall in ADAs large holders netflow, which refers to the balance between the amount of the coin these addresses buy and the amount they sell. Large holders are addresses with over 0.1% of Cardano’s circulating supply. When the flow declines, these investors sell more coins than they buy, signaling a potential loss of confidence in Cardano. This lack of confidence often trickles down to retail investors, leading them to sell their holdings. The drop in ADA’s whale concentration over the past month confirms this selling activity, raising concerns about ‘Smart Money’ potentially exiting the Cardano ecosystem. If this trend continues, it could push ADA below its current liquidity level, resulting in a deeper correction. Related Reading: Solana Bullish Pattern Signals Massive Gains Ahead 2021 Rally Could Repeat Market participants are closely monitoring these developments, as the exit of large holders could signal a bearish sentiment that may lead to a significant price decline. As Cardano navigates this critical phase, investors will watch for signs of recovery or further weakness in the coming days. Key Levels To Watch Cardano (ADA) is currently trading at $0.35 after experiencing days of choppy price action below the critical $0.36 resistance level. The price is 15% below the 1D 200 exponential moving average (EMA) at $0.40, a key area of resistance that bulls must overcome to reverse the prevailing downtrend. This crucial level was lost in April, and since then, ADA has failed to close above it four times. If the price continues to struggle, a deeper correction to fresh yearly lows at $0.25 could be in store. Such a move would represent a significant 30% retracement from current levels, further intensifying bearish sentiment in the market. Investors are aware of these critical price points, as a failure to reclaim the EMA and break through the $0.36 resistance may lead to increased selling pressure. Related Reading: Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand Traders will look for signs of strength or weakness in ADA’s price action to determine the likelihood of a potential breakout or a more profound decline in the coming days. Featured image from Dall-E, chart from TradingView

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Cardano Will Reach $1.50 Once The $1.10 Resistance Breaks Details

Author: Sebastian Villafuerte

United Kingdom

Source: NewsBTC

Jan 23, 2025 12:05

Cardano Will Reach $1.50 Once The $1.10 Resistance Breaks Details

Cardano (ADA) has been a focal point of the crypto markets volatility, experiencing sharp price swings over the past week, particularly during the weekend. In just a few days, ADA has dropped over 18%, leading to growing fear and uncertainty among investors. This significant decline has shaken confidence in Cardanos short-term outlook, with many wondering whether the asset can regain its momentum. Related Reading: MVRV Pricing Bands Suggest Ethereum Cycle Peak Is Still Ahead Analyst Sets $7,000 Target Despite the market turbulence, top analyst Ali Martinez has offered a more optimistic perspective. Sharing a detailed technical analysis, Martinez suggested that Cardano is poised for a significant move upward once it overcomes a critical resistance level at $1.10. According to Martinez, breaking through this resistance could open the door for ADA to rally toward $1.50, marking a substantial recovery from its recent lows. As investors weigh their options amid the current volatility, Martinezs analysis provides a glimmer of hope for those looking for a bullish turnaround. With the broader market showing signs of recovery, all eyes are on Cardanos ability to reclaim key levels and shift market sentiment. The coming days will be crucial for ADA as it attempts to shake off fear and uncertainty and position itself for a potential rally. Cardano Testing Crucial Demand As the cryptocurrency market continues to grapple with heightened volatility and uncertainty, Cardano has managed to hold its ground above key demand levels. Despite recent turbulence, ADAs ability to maintain these crucial levels has kept investors cautiously optimistic about its potential for a significant breakout. The price action indicates mounting bullish pressure, with many market participants eagerly awaiting a decisive move. Top analyst Ali Martinez recently shared a technical analysis on X, highlighting Cardanos promising setup. According to Martinez, ADA is poised for a rally to $1.50 if it can overcome the critical resistance level at $1.10. This level has proven to be a significant barrier, but a successful breakout would signal renewed momentum and set the stage for a sustained upward trend. Martinezs analysis provides a beacon of hope for investors seeking confirmation of ADAs bullish potential. However, the outlook is not without risks. If ADA fails to hold its current demand levels, the possibility of a deeper decline looms large. Losing these levels could lead to a wave of selling pressure, testing investor confidence and delaying the anticipated breakout. Related Reading: XRP Whales Keep Loading Up Their Bags 100 Million XRP Accumulation In 48 Hours As the market watches closely, Cardanos next moves will be critical in determining its trajectory. The coming days will reveal whether ADA can capitalize on its resilience and push through resistance or face further consolidation. For now, the balance of risk and reward keeps investors on edge as they anticipate what could be a defining moment for Cardano in the current market cycle. ADA Price Action: Key Levels To Watch Cardano (ADA) is currently trading at $1, following an 18% drop from its $1.16 local high set last Friday. The recent decline has raised concerns among investors as ADA hovers near the critical psychological level of $1. Holding this level is crucial for bulls to regain momentum and prevent further downside in the short term. To reclaim bullish momentum, ADA must not only maintain support at the current levels but also push decisively above the $1.11 resistance in the coming days. Breaking through this level would signal renewed strength and could pave the way for a recovery toward higher targets, boosting investor confidence in the process. Related Reading: Dogecoin Trades Within Multi-Year Ascending Channel Expert Sets $15 Price Target However, the risk of a deeper correction remains if ADA fails to defend the $1 mark. Losing this key psychological support could trigger a wave of selling pressure, potentially resulting in a drop of up to 15% in the short term. Such a move would likely test lower support zones, challenging Cardanos recent resilience. Featured image from Dall-E, chart from TradingView.

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