Cardano (ADA) is currently trading in a narrow range between 0.64 dollars and 0.60 dollars over the past four days, reflecting a state of indecision in the market. However, technical indicators suggest a mix of weakness in the current trend and early signals of potential upward momentum.
ADX Index: Weak trend but showing signs of revival
Currently, Cardano's Average Directional Index (ADX) records 16.66, a low level indicating a weak or non-existent trend.
- What this means:
- Readings below 20 reflect a weak or uncertain trend.
- Although the index had previously dropped to a low of 12 just a day ago, it has started to rise slightly recently, indicating the possibility of rebuilding momentum.
If this trend continues and ADX rises above 25, it could indicate the beginning of a meaningful upward trend. Until then, the market remains fragile, and caution should be exercised.
Whale activity: Slight rise but unsustainable
Wallets containing between 1 million and 10 million ADA have seen a significant increase between April 13 and April 17, with the number rising from 2,384 to 2,417, the highest level since early April.
- But:
- This growth quickly slowed, as the number slightly decreased to 2,416.
- This slowdown indicates that the accumulation process was short-lived and not strong enough to change the overall sentiment in the market.
Whale activity is important, as large wallets can significantly impact price movements. However, the current momentum still seems limited, reflecting hesitation or weak conviction among key players.
Lines #EMA. : Signals of a potential golden cross
ADA's Moving Averages (EMA) lines suggest market consolidation, but short-term averages have started to slope upwards, indicating a potential golden cross may form soon.
- If resistance at 0.64 dollars is broken, this may push the price towards new levels:
- 0.66 دولار
- 0.70 dollars
- In the case of a strong rise, it could reach 0.77 dollars, a level not seen for more than three weeks.
- However:
If support at 0.59 dollars fails, it could lead to ADA entering a deeper downward trend, with a possibility of dropping to 0.51 dollars.
ADA Price Analysis: The Waiting Area
So far, it seems that Cardano is at a crossroads:
1. Upward scenario:
- If resistance at 0.64 dollars is breached, the market may witness strong upward momentum.
- The target levels will be 0.66 dollars, 0.70 dollars, and possibly 0.77 dollars.
2. Downward scenario:
- If support at 0.59 dollars fails, the price may slide to lower levels such as 0.51 dollars.
Summary: Waiting for a breakout or breakdown
With the market remaining in a state of anticipation, indicators suggest that the next movement depends on whether buyers or sellers will take control.
- For upward movement: Resistance at 0.64 dollars must be broken.
- For downward movement: Support at 0.59 dollars must be tested.
Until then, Cardano (ADA) remains in a waiting area, with early signs of potential bullish reversal but with clear bearish risks.
