- Cardano Price Situation
- Traders' Indecision and Whales' Actions
- Cardano Price Analysis: $0.5 in Sight
Cardano's price surged on August 21, encountering resistance around $0.37. Since then, the asset has stagnated as investors remain undecided. Speculation is circulating in the Cardano X community about an incoming Pump.fun derivative on the network. Can this help push it to $0.5?
Cardano Price Situation
Cardano's price barely moved over the last day, dropping only 1.1% to $0.3715, losing two ranks to Tron (TRX) and Dogecoin (DOGE). Nevertheless, this is better than a full-fledged bearish reversal. While Cardano's price struggles to break above a strong resistance, rumors have surfaced about a Pump.fun derivative coming to the ADA network. According to the speculation, three different projects are working on launching a derivative of the well-known Solana-based token-launching platform.
Traders' Indecision and Whales' Actions
On-chain analysis reveals some bearish tendencies in ADA price and investor behavior. Data from Santiment shows a bearish price-volume divergence, indicating weak buy momentum. The large transaction volume metric from IntoTheBlock shows increased whale activity from August 18 to August 22, while the large holder netflow dropped, indicating cautious offloading. Coinglass data shows almost equal amounts of ADA shorts and longs, suggesting uncertainty among futures traders.
Cardano Price Analysis: $0.5 in Sight
Despite a short-term recovery, ADA is in a general downtrend, trading below its 200-day EMA. If the price breaks above $0.3773, the next resistance level would be $0.4368, a 19.74% increase. The MACD line below the signal line indicates weak bullish momentum. The Chaikin Money Flow (CMF) value of 0.08 shows a slight inflow of capital, also not strong enough to confirm significant upward movement.
If Cardano's price fails to break and hold above $0.3773, it may confirm market weakness, leading to a further drop to $0.3145, invalidating the current bullish thesis.
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