Is it all Over for the Cardano (ADA) Price Rally? Will it Never Reach $1?
The post Is it all Over for the Cardano (ADA) Price Rally? Will it Never Reach $1? appeared first on Coinpedia Fintech News
The Cardano price rally demonstrates a similar price action as it did throughout the 2022 bear market. The bears seem to be poised to mark the bottom of the rally, which may shift back the focus of the market participants. However, the bottoms appear to be extending finely, which revives the possibility of slipping below $0.3. Meanwhile, the Bulls are trying very hard to defend the crucial support, which may keep up the hopes for a bullish trend.
Ever since the token dropped from the yearly highs just above $0.75, the traders appear to have shifted their focus away from the token. The active address count which suggests the no of trades placed in a day regardless of whether it is a buy, sell or swap trade has been plunging hard. This signals a massive drop in the trading activity which may have kept the price volatile, attracting fresh liquidity onto the platform.
The active address count has been slashing hard with a huge drop in the price and volume. Hence the token is believed to remain less volatile which may keep bulls and bears extremely passive. Besides, the unique wallets or the wallets which have transacted at least once a day have maintained a steep ascending trend since the crypto broke out of the consolidation in Q3 2024.
The rise in these metrics indicates the traders are performing trading activity, but the volume appears to be limited within range. This could be the reason, the price continues to remain restricted within the range. Moreover, the price is extending the pattern which suggests both the bulls and the bears have failed to exert the required pressure which could have either triggered a steep rise or a significant fall. What’s next? Will the ADA price never reach $1?
After breaking above from the falling wedge, the ADA price retraced back to the resistance-turned-support levels. However, instead of triggering a bullish rebound, the Cardano price is hovering within a narrow range, waiting for the bulls to act. Besides, no major change has been seen in the RSI which has been grounded within the lower price zone while the MACD displays a slight rise in the buying pressure.
Although the buying volume remains below the required range, the change in the market trend may have a huge impact on the ADA price rally in the coming days.