Death Crossover Generated in EMAs: Cardano Price to Turn Bearish?

• ADA crypto price has dropped by 31% in the past 45 days.
• The Cardano price has formed a base near the $0.4200 hurdle.

Cardano price has experienced selling pressure since March and has lost around 40%. ADA crypto price has fallen due to resistance from the trendline. The hurdle of $0.4200 has been working as a demand zone for more than a month.

Cardano Crypto is Ready to Shoot Up

Cardano whales holding between 100m and 1b $ADA have added 11% to their balances over the past 30 days.

This group now holds 6.71% of the entire $ADA supply. pic.twitter.com/nSe4lXE96R

— IntoTheBlock (@intotheblock) May 15, 2024

According to the source on X, the holdings of whales ranging from 100 million to 1 billion have increased by 11% in the past 30 days. It may positively affect the Cardano crypto price.

Cardano Price Prediction Over the 4-H Timeframe

In a 4-H time frame, the Cardano price has formed a descending triangle pattern and is near the breakout zone. If the price triggers a breakout from the triangle and sustains it, then buying pressure for the long term can be initiated.

If this buying momentum is supported by the trading volume and surpasses the 200-day EMA, buyers may eye the last swing high. Suppose the ADA price fails to exceed the trendline, it may melt to the significant support level of $0.4300.

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At press time, the Cardano price traded at $0.45, which is up by 0.22% in the past 24 hours. The market capitalization is $16.20 Billion, and the 24-hour trading volume is $418.95 Million. According to market capitalization, ADA Crypto ranks 10th in the cryptocurrency market.

Price vs. Volume Analysis 

Since March, the trading volume has decreased from $2 Billion to $422 Million, which has affected the price negatively. In the past 4 days, the trading volume has increased by 300%, which has led to an increase in the price by 8%.

Cardano Crypto Social Dominance vs. Social Volume Analysis

According to the given data, engagement on social media like X, Instagram, and Telegram has decreased, which may impact the price negatively. 

Conclusion

It seems like the Cardano price has been under pressure recently, but there are some positive signs, such as increased holdings by whales and a potential breakout from a descending triangle pattern. It’s important to keep an eye on the trading volume and social media engagement as these factors could continue to impact the price. 

Technical Levels

According to the technical structure, the Cardano price bullish momentum can be interrupted near the $0.520 and $0.67 marks. The primary support level is $0.420, and another support level would be $0.300.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.