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Cardano Ecosystem

Cryptomode

03/30/2024

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Cardano to Bottom Soon: Analyst

According to analysts from Crypto Capita Venture, a Cardano (ADA) bottom will be coming soon based on historical cycles. The analyst highlighted concerns regarding the waning interest in Cardano, pointing...

Cardano to Bottom Soon: Analyst

Cryptomode Cardano to Bottom Soon: Analyst

According to analysts from Crypto Capita Venture, a Cardano (ADA) bottom will be coming soon based on historical cycles. 

The analyst highlighted concerns regarding the waning interest in Cardano, pointing toward similarities to conditions preceding its 2021 market breakout. He highlights the Cardano ecosystem’s growth through integration with broader crypto ecosystems, emphasizing the importance of decentralized exchange (Dex) tools and centralized exchange listings for Cardano native tokens.

The analyst, who earlier called a Cardano pump to $1.5, suggests a potential repeat of Cardano’s previous success. Specifically, he compared the current ADA/BTC pair’s market conditions to those before Bitcoin’s all-time high, suggesting that ADA might be nearing its bottom. Despite acknowledging market uncertainties, the analyst generally emphasized the historical resilience of ADA following Bitcoin’s peaks.

Further into the discussion, the analyst pointed out the potential for Cardano to consolidate, drawing parallels to its past market behavior. With the RSI cooling to around 50, the analyst proposed that Cardano might consolidate until mid-April, closely monitoring for a higher low to indicate positive momentum. However, he also points out the risk of a downside scenario.

Speaking on altcoins, the analyst predicted an upcoming altcoin season, noting the similarities across various cryptocurrency price charts, including Cardano, Solana (SOL), Polygon (MATIC), and Chainlink (LINK). The analyst maintained an optimistic outlook despite a perceived lack of activity in these cryptocurrencies.

How Is Cardano Looking Today

The ADA price stood at $0.654368 as of 11:00 a.m. EST, with 54% of holders ‘in the money’ (profiting at the current price), while 4% are at the money (at their purchase price), and 42% are ‘out of the money’ (at a loss) according to stats from IntoTheBlock. The charts show that the Bitcoin price is trending within an ascending channel pattern, typically a bullish continuation pattern. However, it is currently near the lower boundary, suggesting that it either rebound to continue the trend or break down if the pattern fails.

2-hour ADA/USDT Chart | Source: TradingView

Looking at the Relative Strength Index (RSI), we notice it is around 52.20, which is neutral, neither overbought nor oversold. This indicates that there is no excessive buying or selling pressure currently. On the other hand, the Average Daily Range (ADR) shows volatility within a reasonable range, not indicating any extreme price movement in the short term. However, the anticipation building towards new developments in the ecosystem could play a huge role in moving the price.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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