Market
Cardano’s (ADA) Future: Investors’ Decisions Are Crucial
![](https://coin2049.io/wp-content/uploads/2024/05/bic_сardano_ADA_crypto-covers_coins_neutral-1.jpg.optimal.jpg)
Cardano’s (ADA) price is not reaping the benefits of the broader market cues as it remains sideways bound.
The reason is that no one other than the ADA whales opted to sell, creating a bearish atmosphere.
Cardano Whales Selling Sends Bearish Ripples
Cardano’s price has been influenced by its investors in the past, and this influence has only grown stronger now. The best example is the recent move from ADA whales, which the altcoin can still not recover from.
Addresses holding between 10 million and 100 million ADA sold over 290 million ADA in a single day at the end of May. This $130 million worth of supply could likely have been to either secure gains or prevent further losses.
Regardless, since such large wallet holders’ selling and buying affect the direction of the price action, it wasn’t surprising that ADA consolidated following the selling.
![Cardano Whale Selling.](https://beincrypto.com/wp-content/uploads/2024/06/Cardano-ADA-13.15.43-06-Jun-2024-850x288.png)
However, this could change, and the investors who caused the dip also have the power to do so. At the time of writing, the addresses conducting transactions on the network have registered a surge.
Cardano’s growing participation is a positive sign for the asset, which translates to increased demand and higher liquidity. However, the mixed cues generated could lead to consolidation. Plus, rising participation combined with falling prices or slow growth creates a deviation between the two.
Read More: Who Is Charles Hoskinson, the Founder of Cardano?
![Cardano Active Addresses.](https://beincrypto.com/wp-content/uploads/2024/06/Cardano-ADA-13.16.45-06-Jun-2024-850x288.png)
This deviation tends to flash a sell single, which causes further issues with the price action.
ADA Price Prediction: Breakout Will Be a While Away
Cardano’s price moved within a symmetrical triangle for two months. A symmetrical triangle is a chart pattern characterized by converging trendlines connecting a series of sequential peaks and troughs.
This pattern typically indicates a period of consolidation before the price breaks out in the direction of the existing trend. While the outcome is likely bullish, this would warrant further sideways movement before something substantial. This would require ADA first to secure the $0.46 as a support floor.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
![Cardano Price Analysis.](https://beincrypto.com/wp-content/uploads/2024/06/BsliW76N-850x381.png)
Considering the aforementioned factors, bearish-neutral price action will likely continue its sideways movement.
However, if $0.46 is tested as a support floor, the bearish thesis could be invalidated. As a result, ADA could also rise to $0.50 and above, effectively eliminating all recent losses.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Exploring Upward Momentum and Bullish Prospects
![](https://coin2049.io/wp-content/uploads/2024/07/ADA-Price-Rise.jpeg)
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Market
Should Investors See This as a Buying Chance?
![](https://coin2049.io/wp-content/uploads/2024/07/XRP-Buy.jpeg)
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Market
Ethereum Reverses Course: Can ETH Bulls Save The Day?
![](https://coin2049.io/wp-content/uploads/2024/07/Ethereum-Trims-Gains.jpeg)
Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone.
- Ethereum started a downside correction after it failed to surpass the $3,520 zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now at risk of more downsides below the $3,350 support zone.
Ethereum Price Dips Again
Ethereum price failed to continue higher above the $3,520 and $3,550 resistance levels. ETH formed a top near $3,520 and started a fresh decline like Bitcoin. There was a move below the $3,450 and $3,420 support levels.
The bears pushed the price below the 50% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It seems like the price trimmed most gains and might continue to move down below the $3,350 support zone.
Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high.
If there is a recovery wave, the price might face resistance near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level.
The next major hurdle is near the $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,410 resistance, it could continue to move down. Initial support on the downside is near $3,365. The first major support sits near the $3,350 zone.
A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,350
Major Resistance Level – $3,435
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