Cardano (ADA) Price Loses Steam as Momentum Slows
The price of Cardano (ADA) has soared 265% in the past 30 days, making it one of the biggest gainers among the top ten cryptocurrencies, second only to Ripple (XRP).
The accumulation of whale holdings that drove confidence in November has now stabilized, suggesting a cautious approach by major holders.
ADA’s current upward trend appears to be fading
cardano ADX has fallen to 19.4 from 33 on December 3, indicating that the trend is weakening. This decline suggests that the strength of ADA’s recent uptrend is waning, although the price is still on an upward trajectory. Between December 1st and 3rd, ADA price surged nearly 27%, consistent with its ADX reaching 33.
A lower ADX suggests that while the trend is continuing, it lacks the momentum seen previously, possibly pointing to consolidation or slower growth.
ADX (Average Directional Index) measures the strength of a trend, with values above 25 indicating a strong trend and values below 25 indicating market weakness or consolidation. ADA Despite the ongoing uptrend, ADX still reflects a weakening trend at 19.4, suggesting that further upside is likely to be more gradual.
However, if buyers regain momentum, ADX could rise again, supporting a stronger continuation of the current uptrend.
Cardano Whales Now Stable After Accumulation in November
The number of addresses held is between 10 million and 100 million ADA There was a significant increase in early November, from 393 on November 4 to 409 on November 20.
This rise indicates that whales gathered in large numbers during this period, indicating an increase in whale numbers Confidence in Cardano potential. Such activity often precedes major price movements, as large holders can have a significant impact on the market.
However, since November 20, the number of these whale addresses has stabilized, hovering between 405 and 408, and currently stands at 405. This platform shows that although early accumulation has slowed, these major holders are still maintaining their positions.
This stability may indicate a cautious approach by whales, suggesting they are waiting for clear market cues before taking further action. This may be retained ADA price It is currently in a consolidation phase.
ADA Price Prediction: Can It Fall Below $1?
cardano price As reflected by its EMA line, it is still in an uptrend, with the short-term average still above the long-term average. However, signals from ADX and steady whale accumulation suggest that this uptrend is losing steam.
If buying pressure returns to strength, ADA could climb towards resistance at $1.32, with a further push likely towards $1.40, a price level not seen since 2022.
On the other hand, if the current trend weakens further and a downtrend occurs, ADA price A retest of the recent support at $1.15 is likely.
Failure to hold this level could trigger a deeper correction, with the price possibly falling to $1.03 or even $0.87, a potential drop of 27% from current levels.
Disclaimer
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