Cardano Retail Sentiment Hits Five-Month Low Amid Price Defense
Cardano (ADA) has seen a price rebound of approximately 5% since late August, despite a shift in retail sentiment towards negativity, marking the lowest sentiment in five months according to on-chain analytics firm Santiment. Key points include:
- Retail crowd sentiment has turned bearish, reaching a ratio of 1.5:1.
- Historically, price movements often oppose crowd expectations; selling by small traders may benefit key stakeholders.
- The price action follows a three-week downswing starting August 14, coinciding with ADA's recent bounce.
Market analyst Quantum Ascend identifies ADA’s price at a critical decision zone near $0.82, following a defined channel structure since June:
- Current price testing the 0.382 Fibonacci retracement level at $0.82.
- Support levels identified at 0.309 ($0.762) and 0.236 ($0.702).
- Resistance levels noted at 0.5 ($0.879), 0.618 ($1.043), and higher extensions up to $1.326.
As of the latest update, ADA is trading at $0.8177.
