Cardano Holds $0.73 Amid Bearish Signals, Accumulation
Key Takeaways
- Cardano (ADA) has been moving sideways since December.
- The recent price action shows short-term signs of a bearish structure.
- Technical indicators such as Bollinger Bands and moving averages suggest decreasing momentum.
- However, on-chain data still indicates accumulation by investors.
- A drop to the $0.71–$0.725 range could present a buying opportunity.
Current Price Development of Cardano
Cardano (ADA) has been in a pronounced sideways trend since December. Over the past three weeks, a narrower trading range between $0.73 and $0.84 has formed within this broader range. Despite temporary recoveries, the overall trend remains fragile.
On the daily chart, ADA recently fell below the $0.74 level, threatening a break of the previously established bullish structure. The price is currently below the 20-day moving average, indicating short-term weakness.
Technical Indicators at a Glance
The Bollinger Bands on the daily chart are wide — a sign of increased volatility. On the 4-hour chart, however, they are tighter, which points to consolidation. In recent days, the price has gradually approached the lower boundary of the short-term range at $0.73.
Moving averages on the H4 chart (4-hour chart) confirm the bearish tendency. Trading volume has also been declining since May 24. The On-Balance Volume (OBV) indicator shows a slight decrease, suggesting that sellers are currently in control.
On-Chain Data Offers Hope
Despite the technical weakness, there are positive signals on the blockchain. According to data from Santiment, the 90-day MVRV (Market Value to Realized Value) is at 26.5%. This means that short- to mid-term holders are currently in profit. The 365-day MVRV, on the other hand, is only 8%, indicating low gains for long-term holders.
An increase in the so-called “Mean Coin Age” since mid-April shows that many ADA tokens have not been moved — a sign of accumulation. This suggests that investors continue to have confidence in the coin despite the price losses.
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Potential Buy Zone for ADA
If the price continues to fall, the range between $0.71 and $0.725 could offer an interesting entry point. This area marks the lower boundary of the current sideways movement. As long as there is no strong selling pressure, buyers may become active here.
However, it is important that the price stabilizes above the support level of $0.73. A break below this would confirm the bearish structure and open up further downside potential.
Our Assessment
Cardano currently presents a mixed picture. From a technical standpoint, the situation is tense — the price risks losing its bullish structure. At the same time, on-chain data indicates that investors continue to show confidence and are accumulating.
For short-term traders, ADA remains risky. Those with a long-term perspective who are betting on a recovery should keep an eye on the $0.71 area. A sustained move back above $0.78 would send a positive signal.
The coming days could be decisive in determining whether Cardano can break out of its current sideways phase or if a further decline is ahead. Watch the support zones and trading volume closely.
Sources
- Santiment
- TradingView
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