Cardano price is up by around 200% since 2020 and 800% from the March capitulation lows
Cardano price has increased by about 200% since the beginning of 2020. And from the March low, the ADA is even more robust, around 800%. While some think that ADA is ready to achieve more, there may be some technical signs and harrowing on-chain.
Cardano price is up by around 200% since the start of 2020
According to crypto trader CryptoDude, the price action of ADA is not good on a macro scale. Based on his shared chart, ADA printed the top two candles in the range of $ 0.13-0.14 while the weekly RSI reached the overbought zone.
Meanwhile, the recent price action of the ADA suggests that there will be a necessary user correction that could bring Cardano back to $ 0.10. This revised expectation can be corroborated by on-chain analysis.
Crypto trader Ali Martinez shared the following data from IntoTheBlock, indicating that while there is significant support below the current price, there is on-chain resistance up until $ 0.154:
The area between $0.123 and $0.154 represents a significant hurdle for #Cardano’s uptrend. @IntoTheBlock reveals that approximately 4,200 addresses hold nearly 160 million #ADA around this price level. pic.twitter.com/E39lid8gbn
— Ali Martinez (@satoshilatino) July 13, 2020
“The area between $0.123 and $0.154 represents a significant hurdle for #Cardano’s uptrend. @IntoTheBlock reveals that approximately 4,200 addresses hold nearly 160 million #ADA around this price level.”
Cardano did not just blink some warning signs. Analysts also think that all altcoins are ready to recover from the rally in the past few weeks, not just Cardano.
Nonetheless, Bitcoin Dominance is poised to adjust to the upside as the altcoin season may have ended because Bitcoin Dominance is likely to bounce off the current weekly support. And Bitcoin has been trading in a single range for more than 70 days while volatility has dropped to a one-year low. When the breakout comes, Bitcoin is likely to lead. Finally, usually in the third quarter of history is a quarterly discount for the cryptocurrency market. Altcoins often underperform the market leader during bear markets.
Some people think the ADA is ready to continue higher, especially if it violates local highs of $ 0.14.
Renowned cryptocurrency investor and analyst Nik “Altcoin Trader” Patel noted that Cardano could continue to rise as buying volume continues:
“Turning to the daily, we can more clearly see the strength of the trend, with price now using that previous high at $0.11 as support for the next leg up. If we get a close above $0.14 on the daily, I’d expect the rally to continue towards that $0.20 area.”
With the ADA futures funding ratio going to be negative, this could cause further development.
You can also check Cardano Price here.
- Cardano Price Is Flashing Some Signs Of Forming A Macro Top Formation, Could Spark A Selloff
- There Are Technical And On-Chain Signals Indicating The Cardano Price Rally Is Finally Spent