Cardano (ADA) price struggles to recover amidst bearish signals
Investor sentiment towards crypto assets remains low, leading to further selling pressure.
Cardano investors show caution
Recent signs indicate a possible trend reversal for Cardano as the Moving Average Convergence Divergence (MACD) shows a bullish crossover. This could potentially attract traders and investors, signaling a shift in momentum.
Although a bullish MACD crossover typically precedes positive price movements, investor participation in ADA remains at historic lows. This lack of activity suggests a sense of caution among investors, which could dampen the impact of a potential bullish reversal.
Read more: How to buy Cardano (ADA) and everything you need to know
Despite the promising MACD signals, the low investor participation is currently triggering a sell signal. The combination of a strong MACD and reduced investor activity presents a mixed outlook for Cardano’s price direction.
ADA Price Prediction: Sideways movement expected
Cardano’s price is currently hovering around $0.332, below the $0.346 resistance level. The mixed signals from the market indicate a lack of strong momentum for a price rebound.
It is likely that Cardano will continue to trade sideways between $0.346 and $0.311, as this range has acted as a key support level for the altcoin. However, a breakout above $0.375 could signal a bullish trend for ADA, challenging the current bearish sentiment.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
The information contained on the BeInCrypto website is published in good faith and for informational purposes only. Users are solely responsible for any consequences arising from the use of the information on this website.
In addition, part of the content is the AI translation version of the English version of the BeInCrypto article.
