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Cardano: Is there a risk of price collapse? Sales pressure through active wallets!
Cardano (ADA) falls under $ 0.82, since inactive wallets become active. Technical analysis indicates further downward potential.
Cardano: Is there a risk of price collapse? Sales pressure through active wallets!
Cardano (ADA) is currently under selling pressure after the price fell below the ascending trend line. Loud Fxstreet the current trading price is less than $ 0.82, which corresponds to a decline of 6.1 %. This development is increased by activating previously inactive wallets, which could increase sales pressure.
The technical analysis shows that another decline is likely, with an important level of support at 0.76 USD. Santiments Age Consumed Index points out that the move inactive tokens often correlates with price declines, which further contains the current market mood. In addition, data from Cryptoquant show that a negative Taker CVD (Cumulative Volume Delta) has been observed for Cardano since mid -August. This indicates a taker-sell-dominant phase that additionally dampens the mood.
Technical indicators and market forecasts
On yesterday's Cardano, under daily support, Cardano closed $ 0.84. Experts warn that, if the downward trend continues, ADA could possibly test the 50 % price settlement level at $ 0.76. The current relative strength index (RSI) is 40 and thus below the neutral level of 50, which indicates an existing bear momentum. In addition, the Moving Average Convergence Divergence (MACD) signaled a Bärische crossing on Monday, which confirms the negative market development.
Although the prospects seem dark, there are some points that could indicate a possible recovery. A return of the price could lead ADA near the daily resistance level again at $ 0.84. Investors are eagerly awaiting the further developments on the market, while activity in the wallets continues to influence price dynamics.