Cardano Finds Breathing Room At $0.35 Support – Is This Enough For ADA?
18 Outubro 2022 - 07:50AM
NEWSBTC
Cardano is somehow keeping in-step with cryptocurrency frontrunners
Bitcoin and Ethereum, sitting on price increase on its intraday
chart. Cardano failed to hold the $0.41 crucial support range and
settle to the new support marker of $0.36 ADA is forecasted to
trade from $.0403 to $0.416 in the coming days Cardano addresses
grow despite bearish market sentiments Tracking from Coingecko
shows the smart contract token is trading at $0.371, raising its
price by almost 1% during a 24-hour period. The altcoin, however,
continues to struggle as it remains in the red zone on its 7-day
and 14-day metrics, going down by 7.6% and 13.3%, respectively.
Investors, holders and traders are keeping close watch on the price
movement of the crypto as it tries to bounce back after failing to
sustain the $0.41 crucial support marker. At first it appeared the
asset was in for another steep fall, but it managed to cling into a
new support range which could prove to be significant in
determining the trend of its next price rally. Cardano Hangs On To
$0.35 Support As seen from Cardano’s trading chart, the
Bollinger band (blue line) continued to drop as ADA failed to hold
the critical $0.41. It only stopped upon reaching the $0.35 marker.
Related Reading: TRON Makes Record For Period Spent In Deflationary
State – Good For TRX? Source: TradingView Meanwhile, the crypto’s
Relative Strength Index (RSI) tallied a low value of 23.4 which
indicated Cardano was in oversold position and is primed for a
price uptick. If ADA manages to sustain its new support marker, a
surge ranging from $0.403 to $0.416 will likely to happen over the
next few days, enabling the token to start its own recovery along
with other members of the crypto space. However, if Cardano fails
to hold this position again, bears will be given opportunity to
gain profit as ADA will likely fall all the way to $0.336. ADA
Addresses Grow Despite Weak Value In September 2021, Cardano
managed to hit an all-time high value of $3.09. The crypto,
however, already lost 80% of that value and continues to struggle
to get even just to $1 marker. But despite the immense price
tanking that the asset continues to experience since hitting its
ATH, retail investors seem to be unfazed. In fact there is a
noticeable increase of ADA addresses, indicating the crypto is
still commanding interest among participants in crypto space.
Holders of 100 to 1,000 Cardano tokens are now accounting for 1.15%
of the network’s circulating supply, going up by 0.23% from the
previous tally of 0.92%. Meanwhile, an almost identical increase is
also observed to holders of 1,000 to 10,000 ADA coins which grew by
0.59%. Related Reading: NEAR Platform Active Users Soar – ‘Sweat
Economy’ Boosting Token’s Price? ADA market cap at $12 billion on
the daily chart | Featured image from Shutterstock, Chart:
TradingView.com Disclaimer: The analysis represents the author's
personal views and should not be construed as investment advice.
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