The course of Cardano (ADA) went through a solid correction last week. Cardano lost around 9.8 percent in value last week and dropped from 0.73 dollars to a low point of 0.60 dollars. At the time of writing, the Cardano rate fluctuates around $ 0.62. Yet some analysts think that a recovery can follow.
Cardano Koers shows first recovery signs
On the PlatingView PlatingView, analyst MyCryptoparadise points out that the 4-hour graph of Ada/USDT shows signs of a possible trend dominance. An important sign is the internal change of character (I-Choch), which often indicates a shift from downward to upward pressure.
The MACD indicator also shows positive signals. Where the course of Ada made a lower soil, the MacD showed higher soils. This often see traders as a sign that the sales pressure is decreasing and can follow an increase. A crucial support zone is currently between 0.62 and $ 0.63. This area previously served as a resistance and now seems to act as support.
The first resistance that Ada encounters is just below 0.67 dollars. If the race above it manages to break, the road is open towards $ 0.70. That would mean an increase of more than 10 percent from the current price level.
Trade volume ADA rises by 45 percent
The derivaten market and on-chain data sketch a picture of careful hope among traders. Ada’s trade volume rose by 45 percent to 1.26 billion dollars, which indicates more exercise in the market.
With platforms such as Binance and OKX, there is a strong preference for lung positions, even though the general ratio between lung and short positions is still below 1. That indicates that large trade shows keep trust in an increase, while the market as a whole remains a bit more careful.
This caution is in line with the broader image of a cryptomarket currently under pressure due to the continuous conflict between Israel and Iran, so that investors operate more cautiously worldwide.
Source: https://newsbit.nl/analist-signaleert-grote-koersrally-in-de-maak-voor-cardano/
