Connect with us
Active Currencies 13836
Market Cap $2,421,463,110,651.47
Bitcoin Share 52.43%
24h Market Cap Change $-5.12

Can Cardano [ADA] rise to $1.70? Take notes, traders

2min Read

A technical analysis predicted consolidation followed by a strong upward breakout.

Can Cardano [ADA] rise to $1.70? Take notes, traders

Share this article

  • ADA’s trading activity declined over the last few days, implying lack of conviction.
  • ADA’s popularity on social media fell drastically.

Cardano [ADA] sank more than 9% in the last 24 hours, as Bitcoin’s [BTC] sharp correction left the broader altcoin market bleeding.

The slump dragged ADA below $0.70, and the eighth-largest cryptocurrency was exchanging hands at 0.66 at press time, according to CoinMarketCap.

Trading volume for the coin dipped below $1 billion on the 16th of March, AMBCrypto noticed using Santiment’s data. The lack of trading interest coincided with a further drop in ADA’s investor sentiment.

Cardano trading volume

Source: Santiment

Is a rise to $1.70 possible?

Amidst the downside, an optimistic forecast surfaced, which could well be of interest to ADA’s bullish traders.

Popular on-chain analyst and trader Ali Martinez identified patterns in ADA’s price chart that were very similar to those between 2018 and 2021.

Martinez predicted that if history repeats itself, ADA could consolidate in the $0.55 — $0.80 range, followed by a jump to $1.70.

After this, a second phase of consolidation could occur, opening the door for ADA to reach $5.

ADA gives bearish vibes

AMBCrypto examined some other technical indicators to gauge ADA’s status in the market.

The Relative Strength Index (RSI) was below the neutral 50 at press time. Typically, the 40-50 zone acts as a support during the bull market. An upward bounce from this zone could rekindle bullish narratives.

On the contrary, a dip below 40 would mean that bears were back in the market.

The Moving Average Convergence Divergence (MACD) crossed from above to below the signal line, signaling a potential start to the bear market.

Cardano technical indicators

Source: Trading View

Whales lose interest

In line with the overall market apathy, whales too swam away from ADA, as demonstrated by a significant reduction in transactions valued at more than a million.


How much are 1,10,100 ADAs worth today?


The decline reflected uncertainty about ADA’s next movements, with whales employing the wait-and-watch strategy.

Cardano whale transactions spike

Source: Santiment

Social buzz also cooled down as mentions of the crypto on popular crypto-focused social channels dropped sharply.

Share

Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.