On November 25, Cardano ADA also ended its two-week downtrend and excited ADA lovers as its bullish resumption started. will confirm its resurrection. A rally of 18% could potentially begin right after.
However, if the ADA price does not drop below the support at $0.30, it could be bullish. If he maintains his position, it can turn into a nice rally in the coming days. ADA investors, however, need to be cautious due to month-end volatility. Be sure to follow the graphics and news. Negative news in the coin market is likely to trigger coin drops.
The ADA price action between November 11 and 25 shows that a trendline can be drawn connecting the four lower highs formed during the same period. But on November 26, ADA saw a spike in selling pressure. This put it above the trendline mentioned above.
Supporting this bullish move for Cardano ADA price is the 30-day MVRV pattern, which is hovering around 8% after bouncing from a 14% low.
This index is used to determine the average profit/loss of investors who bought ADA in the last month. According to Santiment’s research, a value between -10% and 25% is an ideal place for recovery rallies to start.
Any drop in this on-chain metric from 11.3% to 28.3% over the past four months has resulted in a bottom formation. While past results are not indicative of future results, investors need to be careful with this strategy. Because this can trigger an uptrend.
While things are getting better for Cardano ADA price, losing the $0.30 support level will invalidate the bullish argument.
Source: fxstreet
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
