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09/05/2023

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Cardano price could move soon after 30% fall - ELEVENEWS

Cardano price could move soon after 30% fall Cardano Cardano price could move soon after 30% fall Share Tweet Cardano price drop 30% twice in four months, with the $0.2535 to...

Cardano price could move soon after 30% fall - ELEVENEWS

ELEVENEWS ELEVENEWS

Cardano price could move soon after 30% fall

Cardano

Cardano price could move soon after 30% fall

  • Cardano price drop 30% twice in four months, with the $0.2535 to $0.2446 order block breaking the fall both times.With this demand zone holding as a support level, ADA may be due for an upward correction toward $0.3000.On-chain metrics show steady rise in social dominance alongside a positive index for its MVRV ratio.Invalidation of this bullish outlook will occur if the altcoin records a decisive daily candlestick close below $0.2446.
  • Cardano (ADA) price has been trading with a bearish bias over the last two months, shedding all the ground covered in the July 13 rally. In part, the US Securities and Exchange Commission (SEC) branding ADA a security has cast a dark cloud over the altcoin, placing it at a disadvantage alongside peers like Polygon (MATIC) and Solana (SOL).
    Cardano price poised for retaliationCardano (ADA) price appears to have found support, offered by the demand zone between the $0.2446 and $0.2535 order block, after a 30% drop from the July 13 high of $0.3673. Notably, this order block has held as support for ADA multiple times and could be the inflection point for the much-awaited pullback.Cognizant that demand zones are areas where buyers abound, increased buying pressure above the current level of $0.2546 could set the tone for Cardano price to reach for the psychological $0.3000, a level last seen on August 9. A move to reclaim the $0.3519 level would be likely in a highly bullish case, provided alignment from Bitcoin (BTC) price is present.Notably, the histogram bars of the Awesome Oscillator are soaking in green, suggesting bullish presence that could bode well for Cardano price.This is corroborated by the flattening Relative Strength Index (RSI) after a steep slope, evidence of corrective measures in play to avoid further downside.ADA/USDT 1-day chartCardano on-chain metrics defy ADA priceMeanwhile, on-chain metrics are promising for ADA, with its social dominance recording a steady rise. This metric indicates the share of the asset’s mentions on crypto-related social media relative to a pool of more than 50 other most talked about projects online.ADA SantimentSimilarly, the MVRV ratio, showing Cardano’s market capitalization as a fraction of its realized capitalization ratio, is also positive, recording a steady rise since August 31. The steady climb means the market value of ADA supply is increasing relative to the realized value.More broadly, the increasing values point to a larger degree of unrealized profit, thereby increasing the probability that investors will distribute the tokens to lock in gains. This would add to the liquid supply that has to be absorbed by demand pressure.On the contrary, a declining trend in the MVRV ratio would signal a smaller degree of unrealized profit, interpreted as undervaluation, poor demand dynamics, or both.ADA MVRVNevertheless, with Bitcoin price still showing weakness and the broader market gloom, the uptrend for Cardano price would require a strong resolve among the bulls. Failure could see ADA slip through the demand zone, rendering it a bearish breaker before recording a new range low, potentially tagging the psychological $0.2200 level. 

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