Cardano Investors Buy Dip Amid 25% Price Drop and Whale Selling
Cardano (ADA) Nears Critical Point Amid Mixed Market Signals
Recent on-chain data indicates that ADA could be approaching a crucial moment:
- Despite a 25% weekly price drop, retail investors are buying the dip.
- The Chaikin Money Flow (CMF) has reached its highest level in three months, suggesting new capital entering the market.
- Whales have sold approximately 180 million ADA tokens worth over $120 million.
Technical Analysis: Symmetrical Triangle Pattern
ADA is consolidating within a long-term symmetrical triangle pattern:
- Current trading price is around $0.60, with key support near $0.33.
- The triangle's apex suggests an imminent breakout or breakdown.
- A break above resistance could lead to a rally toward $10, a potential 1500% gain.
- If support fails, ADA might fall below the triangle, retesting the $0.33 zone, a possible 46% decline.
- RSI is at 41.64, indicating neutral-to-weak momentum, and MACD shows waning bullish strength.
Investors should monitor these technical indicators for potential market movements.