CandleFocus

Cardano (ADA) Sets Eyes on $0.47, but Gains May Come Slowly

Author: Content Editor
Cardano (ADA) has seen a 3% increase in price over the past week, reaching $0.34. However, sentiment surrounding the coin remains largely bearish. On-chain data and price charts suggest that ADA could potentially rally to $0.47 if there is enough demand to support it. Despite the recent price rally, negative price Daily Active Address (DAA) divergence and declining whale activity indicate weak support and unsustainability. ADA has been moving below a descending trend line since July, and the current buying pressure appears insufficient to break through. The declining Chaikin Money Flow (CMF) and bearish divergence suggest that a price correction may be imminent. The Fibonacci retracement indicator suggests a potential fall back to $0.27 if buying pressure weakens, but a more bullish outlook could lead to a climb to $0.47.

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