Why Is Cardano (ADA) Price Up?

Cardano’s ADA token is recovering today after experiencing a sharp sell-off yesterday along with the broader crypto market. ADA is up around 4% over the last 24 hours to trade around $0.57, but remains down from its 2023 high of $0.66 reached in December.

There are positive signs appearing that suggest ADA may resume its upward trajectory. Crypto analyst Ali noted on X (Twitter) that Cardano whales have accumulated over 14 million ADA (worth $8.4 million) over the past two weeks. This suggests that larger holders are confident in ADA’s long-term outlook and are buying up the dip.

Technical analysis by research firm altFINS indicates the recent decline has put ADA in a short-term neutral/bearish position after breaking down from an Ascending Triangle pattern. However, they view the broader multi-month trend as remaining in an uptrend.

altFINS sees near-term support around $0.46, close to the previous resistance level. A pullback and bounce from this area could provide an attractive swing trade entry for traders betting on an upside move back towards the $0.65 resistance level. The firm has set an alert for buyers around the $0.46 support zone.

Source: altFINS – Start using it today

In terms of momentum, altFINS notes mixed signals, with the MACD indicator reflecting slowing bullish momentum but the RSI oscillator remaining neutral around 50. This suggests potential for the uptrend to resume if ADA can hold above key support.

In summary, analysts retains a bullish bias on ADA over the medium to long term, expecting new highs, but advocate a cautious neutral/bearish outlook for the coming days/weeks until clear confirmation of a trend reversal is established. The $0.46 area is eyed as a possible entry point for traders looking to ride the next move higher.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!