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Bitcoinworld

04/16/2024

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Is Cardano (ADA) Preparing For A Recovery After A 25% Price Correction?

The price of Cardano (ADA) fell out of a falling wedge in the last four days to note a 25% decline and is now noting recovery. ADA holders are supporting this recovery and are looking at the sudden surge in...

Is Cardano (ADA) Preparing For A Recovery After A 25% Price Correction?
  • The price of Cardano (ADA) fell out of a falling wedge in the last four days to note a 25% decline and is now noting recovery.
  • ADA holders are supporting this recovery and are looking at the sudden surge in participation on the network.
  • The altcoin is ripe for accumulation since the market value is low and the potential for recovery is high.

Cardano’s (ADA) price followed the broader market cues, which declined by more than 25% on the daily chart over the weekend.

As ADA gears up for a potential recovery, investors display bullish signals that may pave the way for a rally in the cryptocurrency.

Cardano Investors Can Take Back Control

Cardano’s price has historically reacted to ADA holders’ actions, which could be key to recovery. The whale investors conducting transactions on the network are increasing their holdings.

The addresses holding between 1 million to 10 million ADA have purchased more than 30 million ADA worth $14.6 million in the last three days. 

This is despite the recent correction suggesting whales are expecting a price rise and are accumulating accordingly.

See Also: Doctor Doge (DRDOGE) to Rally Over 8,000% Within 48 Hours as it Prepares to Challenge SHIB and DOGE

Furthermore, the asset is in the peak accumulation zone, looking at the Market Value to Realized Value (MVRV) ratio.

The MVRV ratio gauges investor profit/loss. Cardano’s current 30-day MVRV of -19% suggests losses for recent buyers, possibly leading to accumulation. 

Historically, ADA recovery happens between -13% and -21%, identifying it as an opportunity zone for accumulation.

Thus, Cardano’s price could benefit from the investors’ actions.

ADA Price Prediction: Recovering the Losses

Cardano’s price trading at $0.4565 is already on its way to note recovery. 

Considering the above-mentioned factors, ADA could possibly continue this recovery to reclaim the support of $0.56, 16% above the present price. 

This would mark a 25% rise for the third-generation cryptocurrency.

On the other hand, if ADA fails to breach the resistance marked at $0.50, it could invalidate the bullish thesis. 

This line has been tested multiple times for both support and resistance, cementing it as a crucial barrier.

Failing to breach it would result in a drawdown of $0.44, which could cause a fall to $0.40.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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