Amidst a major sell-off of Cardano by large holders, the coin's price remains in a narrow range. Analysis shows mixed signals regarding its future direction.
Sale of Major Cardano Holders
In the last two days, large holders sold 50 million ADA at a price around $0.8176. Despite the size of the sell-off, the price stayed above the key support at $0.80, which has been tested twice in September. This level is considered important for traders.
Growth Potential and Key Levels
Market signals displayed both positive and negative signs. Despite the sell-off, technical indicators reveal mixed results with a buy signal appearing from the TD Sequential indicator. The key resistance zone lies between $0.84 and $0.86, creating hurdles for further growth.
Chart Patterns and Possible Movements
On the 4-hour charts, Cardano is nearing the end of a falling wedge pattern. A breakout above the 200-period Exponential Moving Average at $0.8335 could confirm this pattern. If this occurs, the next target could be $0.8913. However, traders should also consider the risk of a fallback to the support near $0.7788.
The current situation with Cardano indicates a high level of uncertainty and volatility. The next movement will depend on the coin's ability to break above resistance or slide back to support.
