- Whales are accumulating Cardano stakes, indicating a possible bullish market sentiment shift.
- ADA’s price is trending lower within a descending channel, but the daily trading volume is positive, suggesting active engagement in the market.
- Technical indicators such as RSI, MACD, and Bollinger Band all suggest a bearish market sentiment.
According to the data from Santiment, there are now over 25,000 wallets holding balances of 100,000 ADA or higher. This dramatic increase in large “whale” holders reveals strengthened convictions by influential investors.
— CardanoCore (@CardanoCore) August 15, 2023
Many analysts believe whales accumulating massive Cardano stakes indicates insiders expect significant upcoming developments that could boost ADA’s value. The on-chain metrics suggest whales know something big is coming and are positioning for major gains ahead.
Cardano Price/Technical Analysis: ADA’s Negative Trend Continues Amid High Daily Trading Volume
The most recent Cardano price analysis points to a continuation of the descending channel as bearish forces persist. ADA has been trending lower for the past month when it recorded a high of $0.3300. The coin was trading at around $0.2792 during press time, and its performance over the past 24 hours continued to reflect a downward pattern with a 3.71% decline.
The hourly and daily charts show ADA is moving within a descending triangle pattern, with support at $0.278 and resistance just above the current price level at $0.2900. This indicates that the bulls cannot break out of this range, allowing bears to capitalize on weak momentum.
If bulls manage to get back into the game and breach this range, then ADA could see a surge above $0.3000. Conversely, if bears continue to control the market, ADA could dip below $0.2700, with prices retracing the lows of $0.2500 in an extended market correction.
Despite Cardano’s downtrend, the daily trading volume increased from yesterday’s close, with over $200 million changing hands in the past 24 hours. This could indicate that traders are still actively engaging in the market, as observed by the surge of whale wallets accumulating Cardano stakes mentioned earlier.
The 4-hour chart for Cardano price analysis shows a strong bearish trend. Still, with whales accumulating ADA and high trading volume hinting at active engagement, a reversal soon should not be ruled out.
Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest bearish momentum is still strong. The RSI shows that ADA trades in the oversold zone, while the MACD indicator remains negative and the MACD line is below the signal line.
The Bollinger band indicator reveals that ADA is trading on the lower band, which implies further downside potential. If support at $0.278 fails to hold, Cardano could dip further below in the coming sessions. The buying pressure needs to pick up for ADA to recover the losses and climb back toward the $0.3000 level.
Cardano’s price analysis shows that the bears are still in control, as the price is trending lower within a descending channel. There could be some short-term upside potential if support at $0.278 holds, but the bulls need to regain market control for a more sustained climb.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.