Cardano Sentiment Hits Five-Month Low Despite 5% Price Gain
Cardano's community sentiment has turned bearish, reaching a low not seen in five months, despite ADA gaining 5% during this time. Key points include:
- Data from Santiment shows a marked shift in sentiment.
- Historically, negative retail sentiment has led to accumulation by larger investors.
- ADA is currently consolidating between $0.81 and $0.83, indicating potential support for a rebound.
- As of now, ADA trades around $0.81, down 1.5% in the last 24 hours.
- A descending channel pattern has emerged since August 13, with resistance near $0.84.
- Potential price targets are $0.96 and $1.02 if it breaks above resistance; however, failure could lead to a drop to $0.68.
- The RSI is near neutral; a bounce above 50 may indicate increased buying interest.
- ADA must hold above $0.83 to remain attractive for buyers.
Additionally, while ADA attracts attention, a new project, Snorter Bot ($SNORT), is gaining traction. It provides a Telegram-based trading assistant for efficient token management and has raised $3.7 million at a presale price of $0.1033. The bot focuses on simplicity and speed, with plans to expand beyond its initial launch on the Solana blockchain.