- Cardano Bears defeated the Bulls in last week’s battle.
- A number of metrics and indicators pointed to a trend change.
The market has continued to be somewhat bearish. Cardano [ADA] Among the most popular altcoins, ADA was the one that suffered the greatest loss. Investors should be patient as ADA has been consolidating in a pattern that spans several months.
Unexpectedly, ADA could regain some of its value.
Cardano bulls will awaken in the near future?
InToTheBlock data showed that the number of ADA bears and bulls remained largely the same over the past seven days. The number of bears, however, was higher.
The latest price drop of ADA could be due to this. Its price dropped over 4% within the last day and it was now at $0.3438.
Source:
Due to the recent price correction, only 12% (563.8k) of all ADA addresses remained profitable.
But there is still hope for a quick recovery. World Of Charts is a popular cryptocurrency analyst who recently published a tweet Highlighting a noteworthy development. According to the tweet, ADA’s chart showed a bullish pattern that lasted for several months.
Since late December 2023 the pattern has been consolidated and ADA price is within it.
The token’s consolidation range was getting tighter at the time this article was written as it tried to break free. Investors may soon see Cardano price jump above $0.5.
ADA may as well record a 90% bull market if the rally persists.
Source:
AMBCrypto reported ADA mimicked a similar pattern to what it did in 2020. It was suggested that a surge could start in November, coincident with the U.S. election.
What do metrics say?
AMBCrypto planned on assessing Cardano’s data in order to determine if they indicate a trend reversal that could lead to ADA breaking out.
The data from Santiment revealed that ADA’s volume of trading dropped by double digits as its price decreased. The open interest of the company also showed a declining trend.
These two metrics are a good indicator of the likelihood of a reversal of trend.
Also, the whale activity near Cardano remained high, as evidenced by its steady whale transaction number over the last week.
Santiment
Click Here to Read Cardano’s [ADA] Price Prediction 2024–2025
We analyzed ADA’s daily chart to see if technical indicators told a story similar. Bollinger Bands showed that ADA had tested its resistance of the 20-day SMA at time of press.
A breakout above this resistance, even though the token was located in a zone with less volatility, could spark a rally.
TradingView
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Source: ambcrypto.com
