CandleFocus Cardano Price May Fail to Benefit From Bitcoin’s New ATH
2024-10-31
Author: Content Editor
The article discusses how Cardano (ADA) has been experiencing prolonged consolidation, with its price hovering between $0.37 and $0.33 for over a month. Despite a few upward moves, ADA has struggled to generate sustained bullish momentum and is increasingly decoupling from Bitcoin. The low correlation with Bitcoin could mean missed rally opportunities for ADA, as Bitcoin's rallying momentum often supports altcoin growth. Additionally, Cardano's macro momentum signals caution, as investors have been experiencing significant realized losses. This cautious sentiment may sustain Cardano's range-bound price behavior and reduce the chances of a breakout rally. Cardano's price has recently risen by 9% but has not been sufficient to reclaim higher ground, leaving ADA in a neutral position. If ADA falls below the lower support of $0.33, it could slip further to $0.31 and potentially extend the bearish outlook for Cardano in the near term.
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