Daily chart analysis for ADA reveals that its price has been falling since reaching an annual peak of $0.46 in April. This decline reached its lowest point on 10 June at $ 0.22. After this decline, Cardano’s price experienced a recovery. It formed a long lower wick (black icon) and confirmed the $0.24 level as a support zone.

ADA then revisited the $0.24 support area twice, on 17 August and 11 September (green icons). This formed a triple bottom pattern, which is typically seen as bullish. Despite this bullish pattern, ADA has not yet made an upward movement.

In the news, Cardano founder Charles Hoskinson expressed his shock at Sam Bankman-Fried’s unfair coverage in the media. More specifically, he said, “The Bernie Madoff of my generation is being released by the media.”

Mr Hoskinson also introduced a new privacy-focused sidechain called Midnight Protocol. Its three core visions are based on Freedom of Association, Trade and Expression, leading to the acronym ACE. The daily Relative Strength Index (RSI) indicates that the trend is bullish. Traders use RSI as a momentum indicator to gauge whether a market is overbought or oversold, helping them decide whether to buy or sell assets.

During an uptrend, an RSI value above 50 indicates that bulls are in favour, while below 50 indicates that bears are at work. In particular, the RSI showed a significant bullish divergence (green line) during the formation of the triple bottom pattern.

This divergence occurs when an increase in momentum is accompanied by a decrease in price and usually signals a reversal towards the uptrend.

Source: kriptoparahaber.com

---

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.

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.

Cardano (ADA) has been bearish since its last highs. The critical support for ADA is located at the $0.40 level. Cardano has experienced a drop from $0.59 to $0.43 since August 14, 2022. For now, bears control the price action. A larger downtrend could begin if the critical support at $0.40 is broken to the downside.

Cardano is a blockchain platform that allows transactions on its native token, ADA, and enables developers to build secure and scalable applications powered by it.

ADA tokens can also be used to vote on software policies. Each ADA holder owns a stake in the Cardano network. ADA stored in a wallet can be transferred to a pool of shares to earn rewards, or pledged to a pool of shares to increase the pool’s probability of receiving rewards.

Cardano is linked to various payment programs. It combines leading technologies to provide unmatched security and sustainability.

Cardano is built on the groundbreaking Ouroboros proof-of-stake consensus protocol. It is important to say that Cardano’s code is written in the officially designated Haskell programming language, which is widely used in the banking industry.

The team behind Cardano is united in a common purpose to enable positive global change and to power a new era of possibility together with its partners. It has a community of scientists, engineers, and thought leaders.

According to the latest survey, Cardano is more efficient than Paypal, YouTube and Netflix in terms of energy consumption. Charles Hoskinson, CEO of IOHK, said: “The advantage of what we have is that you can use most of your magic in the other two phases, as you don’t have to have a huge overhead and energy expenditure in deciding who to block.”

If central banks continue to act aggressively, this could potentially push the global economy towards a recession. In this case, most other cryptocurrencies, including Cardano (ADA), could fall further.

Source: cryptoparahaber.com

---

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.