Price Analysis

Cardano Death Cross is Approaching Fast, ADA Price May Not Hit $1 in the Near Future!

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Apr 28, 2022

news-image
Highlights

    Cardano price showcases no signs of recovery as the price remains largely consolidated within narrow ranges from quiet a long time

    The ADA price remain within the decisive phase as it shows both the possibilities of a significant upswing and also a huge bearish trap

Cardano appears to have slowly lost all the momentum gained in the previous trading cycle as the price remains depleted largely. Moreover, the recent slash which was on being rejected at $0.9 dragged the price close to $0.81 and still hovering in these regions. And hence it may be a major reason the retail traders and the investors are distancing themselves from ADA. And eventually, whales are becoming stronger and stronger day by day. 

The Bearish Death Cross is Round the Corner

The ADA price nowadays has exhibited less volatility and hence it is unable to ignite a minimum of 10% recovery. Moreover, the 200-day MA levels have plunged drastically paving way for the price to shed huge value as the ‘Death Cross’ may be on its way. 

adaprice

If the ADA price does not rebound from the current levels and maintain the narrow consolidation, a death cross somewhere in mid-May may extract huge value.

The price may eventually break down the strong support at $0.84 and also test the lower support below $0.5 levels too. However, this can be avoided with a significant rebound back above $0.9. 

Retail Traders & Investors Move Out of ADA

While the ADA price remained barely changed for the past many days, the Whale concentration has increased massively. The ADA whales appear to have accumulated constantly from the past week which has increased their holdings to 27.73% of the entire supply. This may indicate a strong uptrend that may be waiting ahead as few players have bought a significant amount of ADA recently. 

Therefore, the ADA price is currently showcasing both the possibilities of drowning into the deep bearish well and also jumping high by breaking the consolidation. Therefore, the upcoming monthly close may be extremely crucial. If the Cardano price fails to rebound, it may be trapped in the death cross. Else as the Whales believe the ADA price rally may surge beyond $0.9 to reach finally $1 soon.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button