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ADA was down by more than 23% over the last seven days.
Most metrics and indicators supported the possibility of ADA testing the bull pattern.
Just like many other cryptocurrencies, Cardano (ADA) saw its bearish traders in control as the price graphs continued to display red. Yet, signs of an uptrend began to emerge on ADA’s graph with the formation of a bullish pattern.
Can the given situation cause ADA‘s charts to turn green when Bitcoin [BTC] experiences its upcoming halving on April 19th?
Cardano bulls are waking up
Over the past week, ADA investors experienced significant losses with the token’s value plummeting approximately 23%. As reported by CoinMarketCap, there was a further decline of more than 2.5% in just the previous 24 hours.
At present, ADA‘s price was forming a bullish symmetrical triangle pattern in its consolidation phase, suggesting an upcoming surge in prices based on this technical chart formation.
According to AMBCrypto’s assessment of the 4-hour chart for ADA, if the token surmounts the $0.454 resistance point, it could experience a powerful surge in price due to the ongoing Bitcoin halving event.
It was likely that ADA could identify a trend based on the token’s price rise of 1.15%, which occurred within the previous hour.
As of now, its price was at $0.4498 and its total value in the market exceeded $16 billion, ranking it as the tenth biggest cryptocurrency by market size.
ADA on the right track
In addition to price movements, some other indicators showed positive signs for ADA. According to Santiment’s analysis by AMBCrypto, ADA’s 7-day MVRV ratio has been improving lately.
The funding rate for it had decreased as well. Given that prices often go in the opposite direction of the funding rate, there was a potential for ADA‘s price to increase in the near future.
During the past week, the social buzz around the token stayed fairly elevated, peaking significantly on April 14th. This surge in social activity undeniably showcased Cardano’s growing influence within the cryptocurrency community.
Additionally, the Weighted Sentiment increased in the past week following a decrease on April 14th, indicating that negative feelings towards the token may have been waning.
We examined Cardano’s daily chart to determine if it could surpass the $0.454 resistance mark, and noticed that its Relative Strength Index (RSI) indicated an oversold condition.
Read Cardano’s [ADA] Price Prediction 2024-25
The buying interest for this token may surge soon based on this sign, potentially leading to a price hike. But the MACD showed a negative edge in the market scenario.
The Money Flow Index (MFI) went down as well, indicating that it may take longer for ADA to become bullish again.
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2024-04-18 11:03