With Strong Price Relation With BTC, Will ADA Be Able To Advance

• In the last 30 days, the ADA token price has traded in green for only 12 days.
• Cardano token price further outperformed by 62% of the top 100 crypto assets.

A reversal in the Cardano token price might be witnessed as higher shorts have liquidated in the last few days. Also, in the last 24 hours, shorts worth $250.13K were liquidated against the longs of $139.33K.

Cardano had 79.89% of its maximum supply circulating in the market at press time, resulting in 35.948B ADA. Also, the token’s maximum supply was 45.0B ADA, which resulted in a fully diluted market cap of $15.821B.

The Cardano market cap advanced by 2.18% in the previous 24 hours at press time. This was followed by an advance of 19.5% in the token’s traded volume. It showed a rise in the demand for tokens in the crypto market.

The token’s market cap was worth $12.635B at press time, which made it the 11th largest cryptocurrency in the global crypto market. This was followed by a strong market presence and a market cap dominance of 0.60%.

The Cardano token price was highly volatile, which could lead to uncertain spikes in price followed by volatility of 9.87%. The fear and greed index was 26, which showed fear among the investors.

Financial Data Overview Of Cardano Token

The total value locked for the Cardano token declined over the last few days, resulting in $203.44M. Following this, the stablecoins market cap also dropped to $13.91M and raised a total amount of $62.24M.

At press time, the Cardano had a total of 3.577M holding addresses, which have sustained for longer. This showed investors’ confidence in the token price, which has been intact for the last few months.

Additionally, 22% of the token holders were in profit at the time of writing, and 76% witnessed a loss. Also, the data showed that 71% of the token’s holders have held it for more than 1 year. 

ADA Token Technical Analysis

At press time, the ADA token price followed a strong downtrend and declined to certain lows, followed by a crucial dynamic support level. This exhibited the dominance of bears in the token’s price over a long time.

As the ADA token price traded in a strong downtrend, the token price’s consistent declining behavior led to a falling wedge pattern. 

Additionally, the most recent price of the token showed that the price hit the lower band of the wedge pattern and was advancing to higher levels. 

If the price continues to rise and breaks above the falling wedge pattern, we might see higher levels in the future.

Cardano Token Technical Indicator Analysis

Following the consistent decline in price, the 20-day and the 50-day EMAs traded in a death cross. The token’s price also declined below the EMAs and traded below the same for a long time.

ADA/USD Chart by TradingView

The MACD and the signal line formed a golden cross, but the metrics traded in a negative trajectory. This exhibited a neutral behavior of the indicator followed by uncertainty in the trend.

After hitting the oversold zone, the RSI value has advanced above the 14-day SMA and hit the 50-level on the chart. This might lead to volatility in the token price by following other technical indicators outlook.

The ADA token price might take support at the levels of $0.2410 and $0.270, followed by the resistance levels of $0.620 and $0.680.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.