Cardano ADA’s price has settled between $0.24 and $0.28 after the crypto market slump on August 17. Its price failed to conquer the $0.28 level, despite the dramatic upswing triggered by Grayscale’s win against the SEC on August 29. ADA quickly fell under bearish control as the excitement dwindled.
Currently, the bulls and the bears are battling for control over ADA’s market movement. As a result, ADA demonstrates a slow-paced and stagnant price movement, delivering little to no profits to investors and traders.
As of 10:50 a.m. EST on September 13, ADA is trading at $0.248, with no significant increase or decrease in the last 24 hours. But, its latest strides suggest the bulls are gearing up for a win as the price has increased 1% in the last 1 hour, according to CoinGecko.
Cardano Whales Adjust Holdings While Retail Investors Keep Buying
When the market didn’t go up as expected in late August, some big Cardano holders started selling many of their coins. On August 29, IntoTheBlock data showed these big holders had about 18.15 billion ADA coins.
But today, September 13, they have around 17.96 billion ADA indicating a sale of about 190 million ADA coins.
Interestingly, small Cardano investors (wallets with one to 1 million ADA) expressed more optimism. They added 30 million coins, going from 13.08 billion to 13.11 billion ADA. Based on the data above, big investors have taken out $47.5 million at ADA’s current price of $0. 24.
On the other hand, smaller investors have put in a combined total of about $7.5 million between August 29 and September 13. Due to the uncertainty in the market, investors are still cautious, as the current exchange order books suggest.
Cardano Price Analysis – Can ADA Resume Bullish Recovery?
Even though the bearish flag pattern suggests Cardano might continue its downturn, the rejection candle seen recently makes the sellers’ plans uncertain.
If ADA price breaks above the bearish flag and retest with a daily candle closing above $0.2500, it will signal a buying opportunity for traders. This scenario could result in a strong bullish momentum, possibly pushing ADA to higher price levels.
If the bulls sustain the momentum, ADA might hit the $0.28 resistance level soon or even breach the next level at $0.33. On the other hand, if the price falls below the bearish flag pattern, ADA will drop below the $0.20 mark, causing panic in the market.
The Relative Strength Index (RSI) of 34 indicates that the market is approaching the oversold region of 30. This low price might create a potential buying opportunity, since the asset is undervalued.
The chart shows ADA is on an upward trajectory, nearing the upper band of the Bollinger Band indicator. This suggests a period of increased volatility and potential upward momentum. Investors may view this as a positive sign, anticipating further price gains.
However, it’s essential to exercise caution, as reaching the upper band could also indicate an overbought condition, potentially leading to a correction. But, in the meantime, the MACD is attempting to crossover the signal line, suggesting the buyers are building up strength.
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