Cardano (ADA) has seen steady gains over the past two weeks, reaching a two-year high of $0.81 on November 16 before experiencing a slight pullback. It currently trades at $0.75, marking a 5% decline since its peak.

An analysis of its on-chain and technical indicators suggests that this downturn could continue, potentially hindering its ability to reclaim the $1 level — a milestone last reached in 2022.

Cardano Holders Sell For Gains

BeInCrypto’s assessment of Cardano’s exchange netflow has shown a spike in inflows over the past 24 hours, indicating profit-taking activity. As of 9:16 UTC on Monday, data from Coinglass shows that the altcoin has recorded net inflows totaling $7.21 million.

Higher exchange inflows suggest that coin holders are transferring their assets to exchanges to sell, leading to increased selling pressure and downward price movement.

Moreover, the decline in ADA’s trading volume over the past 24 hours confirms this bearish outlook. While the Cardano coin price surged by 7%, its trading volume dropped by 57% during that period. 

When an asset’s price climbs while the trading volume decreases, it suggests that fewer buyers are participating in the market, and the upward momentum may not be as strong as it appears. This indicates market participants’ loss of interest or a lack of conviction, as many prefer to sell for profit.

Notably, on Monday, transactions involving ADA have been significantly profitable. Per Santiment’s data, the ratio of daily on-chain transaction volume in profit to loss currently sits at 3.35, its single-day highest value since June 2020. 

This means that for every ADA transaction ending in a loss, 3.35 transactions have yielded a profit. This high profit-to-loss ratio signals a potential sell opportunity for Cardano traders aiming to realize gains. It potentially increases the downward pressure on the coin’s price.

ADA Price Prediction: Further Decline on the Horizon

At press time, Cardano is trading at $0.75, shy of its two-year peak of $0.81. If buying pressure continues to wane, the coin’s price could retreat further, seeking support at $0.69. A failure by the bulls to defend this level might push the Cardano coin price even lower, potentially to $0.61.  

Conversely, a shift in market sentiment and renewed demand for ADA could see its price reclaim the $0.81 high and rally beyond it.

SUI has surged significantly in price this month, climbing to new all-time highs over the weekend. 

The altcoin, which has gained 105% in the past two weeks, is now considered a standout performer in the crypto market. Currently trading just below its peak, SUI shows strong potential for further gains.

SUI Is a Good Bet

Analyst Michael Van de Poppe recently labeled SUI as the “best thing to buy” during Bitcoin’s correction phase. The altcoin’s popularity among traders is evident, with SUI trending across major platforms. Open Interest (OI) in SUI futures has also reached an all-time high of $826 million, underlining heightened demand and investor confidence.

The increasing capital flow into SUI reflects broader market enthusiasm. Traders are viewing it as a reliable option amid fluctuations in larger cryptocurrencies like Bitcoin. This surge in attention has amplified SUI’s visibility, making it a focal point for both retail and institutional investors.

SUI’s macro momentum is bolstered by its Chaikin Money Flow (CMF) indicator, which is currently well above the typical reversal range of 0.20 to 0.30. This level indicates substantial inflows, signaling growing interest from investors. Historically, reversals occur when the CMF reaches these levels, but the current breakout suggests exponential growth potential.

Such strong inflows demonstrate the asset’s resilience and sustained investor participation. If this trend continues, SUI could attract even more capital, strengthening its position as a high-growth altcoin in the market.

SUI Price Prediction: Reaching New ATH

SUI is currently trading at $3.79, just shy of its all-time high of $3.94, achieved over the weekend. The altcoin’s impressive 105% rally has solidified its position as a top-performing cryptocurrency this month.

Considering the ongoing bullish momentum, SUI is likely to hold its gains. The aforementioned factors do point towards SUI potentially setting a new all-time high if current trends persist. 

However, a shift in sentiment or profit-taking by investors could trigger a drawdown. In such a scenario, SUI may fall to the $3.20 support level, and a drop below this would invalidate the bullish outlook.

Bitcoin price saw a short-term correction below the $90,000 zone. BTC is now again rising and the bulls could now aim for a move above $94,000.

• Bitcoin started a fresh increase from the $86,600 zone.
• The price is trading above $88,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $91,000 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before the bulls appeared.

A low was formed at $86,622 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $91,839 and the price is now consolidating. It tested the 50% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high.

Bitcoin price is now trading above $88,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $91,000 level. There is also a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $91,850 level. A clear move above the $91,850 resistance might send the price higher. The next key resistance could be $92,500.

A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $91,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $89,250 level.

The first major support is near the $87,850 level or the 76.4% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. The next support is now near the $86,620 zone. Any more losses might send the price toward the $83,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $89,250, followed by $87,850.

Major Resistance Levels – $91,000, and $92,500.