- On the price charts, our dear Cardano [ADA] has taken a tumble to an ascending trendline, a veritable old friend known for its knack of triggering price reversals.
- Alas! ADA’s large transaction volume has plummeted by 8%, suggesting that the whales have decided to take a holiday. 🐋✈️
In the last 24 hours, the cryptocurrency world has been rocked by a staggering $1.4 billion heist targeting Bybit. Quite the scandal, I must say! Yet, amidst this chaos, ADA, the noble steed of the Cardano blockchain, has managed to keep its head above water, clinging to the vital support of our beloved ascending trendline.
Current price momentum
During this tumultuous period, our altcoin friend has experienced a 4% drop, trading at a rather modest $0.76 at the time of this writing. 📉
However, despite the gloomy clouds of decline and negative sentiment, its trading volume has surged by a whopping 50%! A sign that traders and investors are still keen to join the fray, it seems.
All about its price action
Thanks to the aforementioned price drop, ADA has gracefully descended to the support level of an ascending trendline, a path it has followed since the dawn of February 2025.
Cardano’s four-hour chart reveals that this trendline has a splendid history of triggering price reversals. For instance, over the last 20 days, whenever the asset’s price has flirted with the trendline, it has consistently found some upside momentum. Quite the reliable companion, wouldn’t you agree?
Looking back at the historical momentum, it is clear that traders and investors have shown a keen interest in our dear token. Most are positively buzzing with expectations of more upside for ADA on the charts. 🐝
According to the wise sages at AMBCrypto, Cardano finds itself at a crucial juncture, currently in a make-or-break situation while forming an ascending triangle price action pattern. Alongside support from the ascending trendline, the asset has also gained horizontal support at the $0.745-level. A veritable balancing act!
However, it is worth noting that given the uncertain market sentiment, predicting whether the price will rally or sink is akin to guessing the weather in England—utterly unpredictable! ☔️
Technical analysis and price prediction
At the time of this literary endeavor, the asset’s Average Directional Index (ADX) stood at a rather feeble 16—indicating weak strength, which may be contributing to the altcoin’s sluggish price recovery. Additionally, the asset is still trading below the 200 Exponential Moving Average (EMA) on the four-hour timeframe. A bit of a pickle, if you will.
Considering these factors, if ADA manages to hold above the $0.745-level, there is a strong possibility it could surge by 10% to hit $0.85. Conversely, should it fail to maintain this level and close a four-hour candle below $0.74, it could plummet by 10% to $0.65 in the coming days. Quite the rollercoaster ride! 🎢
A look at inflows and outflows
In light of all these factors, investors and long-term holders appear to be in a state of utter confusion. Some are dumping their tokens like hot potatoes, while others are accumulating them as if they were rare stamps, according to the on-chain analytics firm Coinglass.
In fact, data from spot inflows/outflows revealed that following the heist, exchanges saw inflows of $7.35 million in ADA tokens. However, as the asset remained stable, exchanges later recorded an outflow of $6.50 million in ADA, indicating potential accumulation. Both inflows and outflows were recorded within a mere 12-hour timeframe after the Bybit debacle. Quite the busy day at the office!
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2025-02-22 20:11