Cardano (ADA) Price Uptrend Likely Unless Sell Signal Intensifies
08/18/2024 01:00
Cardano's price is currently consolidating due to the lack of bullish sentiment among investors, despite changing market conditions.
Cardano’s (ADA) price is failing to note any recovery as the altcoin continues to surrender to the bearish cues.
The investors, too, seem to be giving up on the crypto asset, which could lead to further selling.
Cardano Investors Step Back
Signs of Cardano’s price potentially changing direction are becoming evident. The Moving Average Convergence Divergence (MACD) is currently indicating a bullish crossover, suggesting a potential shift in trend for the altcoin. This crossover could also be an early signal of upward momentum, which might attract more interest from traders and investors.
A bullish crossover in the MACD often precedes a positive price movement, as it reflects increasing buying pressure. If this trend continues, Cardano could see a reversal from its recent performance, moving in a more favorable direction.
Read More: How To Buy Cardano (ADA) and Everything You Need To Know
However, despite the promising MACD signal, participation among ADA investors is at a multi-year low. This lack of activity is concerning, as it indicates a general disinterest or caution among investors, which could limit the impact of the bullish crossover.
As a result, this low participation is currently triggering a sell signal. The combination of a bullish MACD and declining investor engagement presents a mixed outlook, suggesting that the potential for a trend shift may be hampered by the lack of market involvement.
ADA Price Prediction: Don’t Look Up
Cardano’s price, at $0.332, is stuck under the resistance of $0.346. This level has kept ADA from noting a rally for nearly ten days. The aforementioned mixed signals further point to a delay in recovery.
The likely outcome for Cardano is a sideways movement, within $0.346 and $0.311. These levels have been acting as limits for the altcoin’s consolidation and could continue to do so.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
On the other hand, a breakout could send the crypto asset to $0.375, the next crucial barrier for ADA. If Cardano’s price notes a rise beyond this point, it would have completely invalidated the bearish thesis.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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