Cardano (ADA) recently survived the fall now trading about $ 0.65. Despite attempts to restore, the future of Altcoin remains uncertain.
Support for investors is now extremely important. If the key holders of ADA decide to sell their assets, the price of Cardano will rush down.
Cardano mood analysis
The Chaikin Money Flow (CMF) indicator remains in the negative zone, signaling the active sales of ADA. The negative value of CMF suggests that investors are not sure of Cardano prospects and tend to reduce positions.
Despite the ongoing outflows and pessimistic set of ADA holders, the MVRV (Market Value to Realized Value) Long/Short Diff suffering indicator shows interesting dynamics: while short -term traders record losses, long -term investors build up profits. Typically, such a redistribution is considered a positive signal, as it shows the confidence of experienced investors.
The further dynamics of the ADA will depend on whether long -term investors will save the faith in the project or join the wake of sales. If market pressure prompts long -term holders to sell assets, the price of Cardano will rush down.
Technical analysis of Cardano
The price of Cardano approached a critical level of $ 0.66. If it is passed, ADA will rush to a psychologically significant mark of $ 0.70. However, mixed market signals and unstable moods of investors create obstacles to confident growth.
The Parabolic SAR indicator, located above the price candles, confirms the force of a bear trend. If the ADA does not hold at $ 0.66, a decrease in a support of $ 0.60 is likely. In case of successful breakdown, $ 0.66 Cardano can aim at $ 0.70, and then by $ 0.74. Such a movement will not only cancel a bear scenario, but can also restore investors’ confidence in ADA.
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Source: Cryptocurrency
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