Cardano (ADA) Breaks $0.4 Resistance, Bullish Trend Predicted
The Essentials in Brief
Cardano (ADA) recently broke a significant resistance at $0.4, which has caused a stir in the crypto market. This breakthrough could be a bullish signal for the future of ADA, despite the current weak social sentiment. But what does this move mean for investors and the community? We take a detailed look at the technical analyses, market sentiment, and potential impacts on Cardano’s price development.
Technical Analysis: A Bullish Sign?
The technical analysis shows that Cardano has broken out of a falling wedge pattern, which is traditionally seen as a bullish signal. The Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) both indicate a strong upward trend and a significant capital inflow into the market. Particularly noteworthy is the change in the Directional Movement Index (DMI) on July 13, when the DI lines showed a crossover and the previous resistance level of $0.4 now serves as support. As long as the bulls can defend this level, further upward movement is likely.
Market Sentiment and Social Indicators
Despite the technically bullish outlook, the social sentiment around Cardano remains subdued. The number of active addresses has been stable since April, indicating healthy network usage, even though price actions have been trending downward since May. Circulation and the speed at which ADA is traded have decreased in recent months, suggesting accumulation and reduced speculation. These factors could indicate an impending upward movement. However, development activity remains high, which is a positive sign for long-term investors. Social metrics such as the weighted 3-day sentiment and social volume, however, show that social support for this bull run is still lacking.
The Future of Cardano: What’s Ahead?
The upcoming Chang hard fork could give Cardano new momentum and drive prices further upward. However, traders should be prepared that this news may not have a major impact on price development. The existing data suggest that the bulls currently have the upper hand, although the social hype around Cardano is still missing.
Our Assessment
Cardano’s recent breakthrough above the $0.4 resistance is undoubtedly a positive sign for investors. The technical indicators and network health suggest a possible continuation of the uptrend. However, the challenge remains to boost social sentiment and community interest to support this bull run. Long-term investors, however, may be encouraged by the continued high development activity and positive technical signals. As always, it is important for investors to conduct their own research and carefully consider their investments.
Sources: Santiment, TradingView
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