In a recent assessment by crypto analyst Santiment, Cardano (ADA) experienced a significant reduction in small wallets on November 17th, particularly affecting those holding between 1 and 10 ADA, accounting for 98.1% of the decrease.
Such a decline in addresses of this size often signals capitulation, suggesting a potential turning point in the coin’s price trajectory. Notably, ADA has seen a remarkable surge of 65% since this event.
Source: Santiment – Start using it today
altFINS, in its insightful analysis of Cardano (ADA), provides a detailed perspective on the coin’s current market conditions. The platform categorizes the near-term outlook for ADA as neutral, shedding light on various critical aspects.
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Show more +Firstly, altFINS recognizes the prevalent pattern as an “overbought at resistance” scenario, indicating that ADA has entered into a phase of being overbought while confronting a significant resistance level. This conclusion follows ADA’s recent bullish breakout from the ascending triangle pattern and the subsequent breach of the $0.46 resistance level.
Source: altFINS – Start using it today
Despite the near-term cautious stance, altFINS acknowledges ADA’s overall positive trend. The coin demonstrates an uptrend across all time horizons, including short, medium, and long terms. This signals a favorable trajectory for ADA in the broader scheme of things, providing a sense of confidence for those considering long-term positions.
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In terms of specific price levels, altFINS identifies the nearest support zones at $0.40–$0.42, which represents previous resistance, followed by $0.30. On the resistance side, the immediate zone is located at $0.46, which ADA has successfully breached, paving the way for a potential challenge at the $0.60 level.
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