Cardano (ADA), despite the efforts to recover, ADA has faced challenges in maintaining its upward momentum.
While Altcoin has stuck to him in the direction of ascending since the beginning of the month, he is now facing a challenge. Traders may be withdrawn from sharing, and any additional price recovery may stop.
Cardano merchants in trouble
Feelings about Cardano (Ada) mixed. According to the filter map, short traders are in a non -favorable position if ADA continues to ascend. A breach of $ 0.77 will liquidate a short contract worth approximately $ 20 million.
This may lead to ascending pressure on the price as short pants are forced to close their sites.
However, without a strong upward momentum, these bullish capabilities may not be fulfilled, which makes traders careful. While short traders may face significant losses if ADA rises, this risk does not necessarily mean that the upward trend is sustainable.
In general, Cardano’s market momentum reflects a feeling of uncertainty. The number of active addresses on the network recently decreased to the lowest level in four months at 20,700. This decrease in the investor participation indicates that there is no enthusiasm among ADA holders. It seems that many investors are retreating, waiting for more clear signs of recovery before re -emotion with the distinctive symbol.
This deficiency in participation had a negative impact on Cardano liquidity and the size of transactions, which more affects price dynamics. The decreasing number of active headlines also indicates that traders hesitating to invest in ADA, which may slow down any possible price recovery.
Ada Price faces a barrier
Cardano is currently trading at $ 0.70, holding higher than the support level of $ 0.70, and has been supported by the bullish trend line since early March. ADA’s immediate goal is to violate the level of resistance of $ 0.77, but this still represents a challenge. This requires approximately 9 % increase, which may be difficult under the current market conditions.
In the absence of a gathering in the broader market, ADA is likely to remain uniform under $ 0.77 resistance. If Altcoin fails to get $ 0.70, he may suffer from a decrease, may decrease to $ 0.62. This would nullify the recent ups in the investor’s confidence.
If ADA succeeds in violating the resistance of $ 0.77, it may rise to $ 0.85, thus nullifying the downfall. Such a step is likely to indicate a more sustainable recovery, as it would pass a large obstacle to Cardano.
Disintegration
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