Cardano (ADA) price is currently struggling to find a clear direction. The ADX indicator shows a weakening trend, pointing to reduced momentum. This suggests that ADA is in a phase of consolidation, lacking strong bullish or bearish forces.

Whales have been accumulating ADA, hinting at potential upward movement. However, whether the price will break upwards or downwards remains uncertain as support and resistance levels come into play.

ADA ADX Shows a Weak Trend

Cardano (ADA) currently has an Average Directional Index (ADX) of 15.51, down sharply from 41 just four days ago. This decline indicates a significant weakening in ADA’s trend strength.

The ADX is a widely used technical indicator that measures the strength of a trend without indicating its direction. ADX values range from 0 to 100, with readings above 25 typically indicating a strong trend, and values below 20 suggesting a weak or nonexistent trend.

Read more: Who Is Charles Hoskinson, the Founder of Cardano?

An ADX value of 41 previously suggested strong momentum, either upward or downward, signaling a decisive price movement. However, the current value of 15.51 suggests that this momentum has dwindled, pointing towards a lack of clear directional strength, with ADA now in a phase of low volatility and reduced conviction among market participants.

Cardano Whales Are Making Moves Again

In recent weeks, the number of ADA addresses holding between 1 million and 10 million ADA remained relatively stable throughout mid-September until October 7. Similarly, addresses holding between 10 million and 100 million ADA also showed a steady trend since the end of September, following a sharp decline between September 18 and 19.

However, from October 12 to October 15, the number of addresses holding between 1 million and 10 million ADA grew from 2,450 to 2,462, suggesting renewed interest from smaller whales while the larger whale cohort remains steady. These subtle shifts in holdings can provide valuable insights into potential market trends.

Tracking the behavior of these whales — specifically, those holding millions of ADA — is crucial as they wield substantial influence over the market. When whales accumulate or divest their holdings, it often correlates with upcoming price movements due to their potential to impact liquidity and market sentiment.

Although the current trend is not particularly strong, and the direction of ADA’s price remains uncertain, the recent accumulation by addresses holding between 1 million and 10 million ADA could be viewed as a potential bullish signal.

Such accumulation during a period of low trend strength could indicate that larger players are positioning themselves for a future upward movement in ADA’s price, hinting at optimism for positive momentum in the coming days.

ADA Price Prediction: Can It Jump 17% In The Next Few Days?

ADA EMA (Exponential Moving Average) lines are currently very close together, indicating that there is no clear trend direction at the moment. This often suggests that ADA’s price is in a consolidation phase, where the market lacks strong bullish or bearish momentum.

EMA lines are moving averages that place greater weight on more recent price data, making them more responsive to short-term price movements compared to a simple moving average.

When EMA lines converge and move tightly in sync, it typically implies that neither buyers nor sellers are dominating, resulting in a period of sideway movement, where the price fluctuates within a narrow range without breaking out in either direction.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

Despite this consolidation phase, the recent increase in whale accumulation, as observed in the number of large ADA addresses, suggests that a potential uptrend may be on the horizon. If an upward movement emerges, ADA may test resistance levels at $0.40 and $0.416, presenting an opportunity for approximately 17% growth from its current levels.

However, if a downtrend takes hold instead, ADA’s price could fall to support levels around $0.328 or even $0.303, suggesting a risk of further price depreciation if selling pressure intensifies.

Litecoin’s (LTC) price has increased by 6.70% today and reclaimed the $70 level for the first time in nearly two months. This notable increase comes after investment firm Canary Capital disclosed that it is pursuing a Litecoin exchange-traded fund (ETF) with the SEC.

With the ETF filing acting as a catalyst, this on-chain analysis highlights how Litecoin’s price could experience a substantial surge. Should Litecoin’s price continue to rise, investor interest may surge. This could also allow long-term holders to unlock profits after months of volatility.

ETF Speculation Lifts Litecoin

Litecoin’s 6.70% price increase today positions it as one of the top gainers out of the top 100 coins. Data from CoinGecko shows it is only behind Dogecoin (DOGE), which has surged by 8% over the last 24 hours. 

As mentioned above, Canary Capital’s announcement of its pursuit of a Litecoin ETF with the US SEC is the rally’s driving force. Despite that, on-chain data from IntoTheBlock reveals that a significant portion of Litecoin holders have not yet benefited from the recent price surge.

According to the In/Out of Money Around Price (IOMAP) metric, around 840,000 LTC addresses bought their coins between $71.54 and $81.14. This suggests that these holders are still “underwater,” as the current price of LTC remains below their entry levels. 

Read more: Litecoin vs. Ethereum: What’s the Difference?

Until LTC surpasses this level, those who purchased in this range might continue to face selling pressure as they seek to break even. However, if Litecoin’s price continues to climb, these holders may be poised to unlock significant profits. Consequently, this could also Litecoin to break through to $80.14.

Beyond this, Litecoin Open Interest climbed to $243.09 million. OI, as it is commonly called, refers to the sum of the value of open contracts in the market. When it decreases, traders remove liquidity from contracts linked to cryptocurrency.

An increase, on the other hand, indicates a rise in speculative activities with LTC. From a trading perspective, rising OI and price could lead to further price appreciation. 

LTC Price Prediction: Free from Bearish Channel

Litecoin has shown impressive price action following the news of the ETF filing, breaking out of its previous descending channel. This breakout signals a potential shift, possibly ending the bearish pressure that had been holding LTC back in the short term.

If this positive momentum continues, Litecoin’s value could see a significant 35% jump that could take it to $95.60. In a more bullish scenario, LTC price could surpass the $100 mark again, rekindling investor confidence and drawing in more buying activity.

Read more: How To Buy Litecoin (LTC) in 4 Easy Steps

However, it’s important to monitor developments surrounding the ETF filing with the SEC. If the chances of approval begin to diminish, LTC could fall back to around $63.40. This scenario would highlight the impact that regulatory uncertainty can have on both short-term and long-term price movements.

First Neiro on Ethereum (NEIRO) is experiencing a price pullback after a prolonged surge that saw the meme coin hit several all-time highs over the past month.

Now trading at $0.0020, NEIRO has dropped 14% in the last 24 hours, making it the top market loser.

First Neiro on Ethereum Sees Spike in Selloffs

An uptick in trading volume has accompanied NEIRO’s double-digit decline over the past 24 hours. During the period in review, this has totaled $685 million, climbing by 12%. 

When an asset’s price declines but trading volume rises, it suggests investors are selling off to lock in profits after significant gains. Higher volume during price drops may also indicate panic selling, as traders rush to exit positions in response to falling prices, potentially accelerating the decline.

Read more: 12 Best Altcoin Exchanges for Crypto Trading in October 2024

The decline in NEIRO holdings among whales, or large investors, reinforces this bearish outlook. Over the past week, NEIRO whales holding between 1 million and 100 million tokens have steadily reduced their exposure.

On-chain data reveals that this group now consists of 1,252 addresses, having seen a 5% drop in their count in just seven days. A decline in large holders can signal that the asset is becoming less attractive, leading to decreased trading activity.

NEIRO Price Prediction: A Resurgence In Demand Is What Is Needed

Readings from NEIRO’s moving average convergence/divergence (MACD) indicator show that its MACD line (blue) has crossed below its signal line (orange) and is in a downtrend toward the zero line. 

When the MACD line falls below the signal line, it suggests that the market momentum is shifting from bullish to bearish, indicating that selling pressure may be increasing. Further movement toward the zero line suggests a strengthening downtrend. If this persists, NEIRO’s price will extend its downward trend and may fall by 55% to $0.00091.

Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in October 2024

However, if it witnesses a resurgence in demand, the NEIRO’s price may reclaim its all-time high of $0.0023 and attempt a rally past it.