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Highlights
- Multiple technical supports at $0.445 hint at a potential area of reversal.
- The Cardano coin may extend correction until the resistance trendline is intact.
- The intraday trading volume in the ADA coin is $302.6 Million, indicating a 29% gain.
Cardano price: The Bitcoin price correction below the $62000 level on Monday accelerated the supply pressure in most of the major cryptocurrencies including Cardano. The ADA price showcased a downswing from $0.52 to $0.44 registering a weekly loss of 14.45%. The altcoin currently hovering above the combined support of 61.8% Fibonacci retracement level and $0.445 created a high area of interest for buyers to counterattack.
Also Read: Binance Expands Support For SOL, SHIB, XRP, ADA, Prices To Recover?
ADA Buyers Rally at Key Fibonacci Level for Reversal Clues
The ongoing correction trend in Cardano price witnessed a spike in demand pressure at $0.445. This support level aligned with the 61.8% Fibonacci retracement level— crucial technical support amid a long correction trend.
The ADA price currently trades at $0.45 and a lower price rejection at the aforementioned support indicates the buying pressure is still in action. If the broader market sentiment improves, the Cardano coin is poised to challenge the overhead trend for an early signal of a trend reversal.
Moreover, Cardano’s activity is surging as ‘whales’—large-scale investors—have been notably active. According to IntoTheBlock, a prominent crypto analytics firm, the average large transaction volume for Cardano has reached $13.84B daily over the past week.
Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days.
For comparison, this is a third of Bitcoin's current volume, 5x as much as Litecoin's volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM
— IntoTheBlock (@intotheblock) April 29, 2024
To put this into context, this volume is approximately a third of Bitcoin’s current transaction volume, quintuple that of Litecoin, and an impressive 16 times greater than Dogecoin. This bustling activity among Cardano’s major investors could be a sign of significant market movements and warrants attention from the crypto community.
A potential breakout will momentum the buying pressure, bolstering buyers to chase the $0.57 and $0.687 high.
Technical Indicator:
- Relative Strength Index: The daily RSI slope at 35% reflects the sellers are still playing an active role in ADA’s price movement.
- Exponential Moving Average: The 20 EMA slope continues to act as dynamic resistance and signals a high momentum selling in this asset.
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