Cardano gives early signals of a rally. Is this a good opportunity?

2023-1-5 18:48

Cardano recovered by 4% on Wednesday after hitting a two-year bottom

Whale activity has been reported to be on the rise

The cryptocurrency remains on a downtrend with no confirmed bullish momentum

Cardano (ADA/USD) is taking a stride higher after hitting a two-year low of $0.24. Trading at $0.265 as of press time, ADA had returned 4% in the day. The gains in the day come amid increased whale activity.

According to WhaleStats data, ADA was among the top 10 most bought tokens above the biggest BSC whales on December 04. The BNB whales now hold a combined 19.9 million Cardano tokens. The portfolio, worth $5.19 million, however, represents less than 1% of the total. Nonetheless, in the last 30 days, large investors have cut their ADA positions. That potentially explains the huge decline in ADA price in December to the multi-year low.

There are no clear indications for the recent surge in ADA. As CoinJournal previously reported, sentiment data showed that ADA was undervalued as of the end of 2022. Investors could, therefore, be throwing weight on recovery as the price hits depressed levels. But we remain cautious as ADA remains on a downtrend.

ADA recovers at the bottom of the descending channel

ADA/USD Chart by TradingView

From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel. The 2-year low saw the RSI hit oversold levels meaning that investors had dumped ADA in huge proportions. The daily chart technical outlook still supports a bearish view of the cryptocurrency.

Will ADA recovery continue?

Cardano’s recovery remains tied to the broader crypto sentiment. Many cryptocurrencies posted relief recoveries on Wednesday but were still trading at depressed levels. There is no confirmation that the recoveries will be sustained since we remain in a bear market. 

If ADA maintains the recovery, we need to watch how bulls play out at the upper end of the descending channel. Conversely, ADA remains vulnerable to the $0.24 bottom or lower.

Where to buy ADA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

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The post Cardano gives early signals of a rally. Is this a good opportunity? appeared first on CoinJournal.

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Cardano (ADA) на Currencies.ru

$ 0.8664 (-0.39%)
Объем 24H $858.472m
Изменеия 24h: 3.93 %, 7d: -7.06 %
Cегодня L: $0.8424 - H: $0.8738
Капитализация $30.446b Rank 9
Цена в час новости $ 0.2661 (225.59%)

cardano hitting two-year cryptocurrency rise remains downtrend

Источник: coinjournal.net

cardano hitting → Результатов: 32


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2020-8-26 22:17


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