Accumulation in the cryptocurrency market was replaced by an aggressive dump at the end of last week.
Cardano (ADA) turned out to be one of the most affected altcoins. Its capitalization has fallen over the past seven days by more than 14% to $13.342 billion.
The ADA exchange rate on the night of Tuesday, April 25, fell to $0.383. Technical analysis points to the dominance of the bearish trend, at least for the next few days.
Strong resistance zones for Cardano have formed at the $0.4 and $0.42 levels. According to experts, the cryptocurrency will not be able to overcome these milestones yet. However, in case of strengthening of support and a push to $0.43, the bullish scenario should return.
The key support zone for the digital currency is at $0.37. If it does not work, then the bears will be able to weaken ADA to $0.35.
The Relative Strength Index (RSI) hints at an overbought altcoin. Selling pressure is gradually decreasing, which indicates that a local bottom has been reached.
Analysts predict that after a slight consolidation, accumulation should resume, and Cardano should be able to return to values above $0.4.
According to IntoTheBlock, only 26% of ADA addresses remain profitable. Losses are borne by 69% of altcoin holders.
Comments (No)