If the development activity remains flat, DOGE’s price might fail to increase.
The positive CLLD suggested that the price might fall to $0.12.
Not many would expect that development activity would have an impact on Dogecoin’s [DOGE] price. Funnily enough, however, AMBCrypto found that assertion to be untrue.
We realized this after examining the metric in question. At press time, development activity on the network was flat. This has been the case since 24 April. However, DOGE has also been consistently consolidating between $0.13 and $0.16 during this very period.
Moving hand in hand, side by side
Development activity measures the rate at which engineers publicly improve a project’s network. Looking back, the metric jumped from 0.39 to 16.24 back in February.
At the time, DOGE’s price skyrocketed from $0.08 to $0.14 to correspond with the aforementioned uptick. Something similar transpired between October and November 2023 too, with both the price and development activity moving hand in hand on the charts.
Source: Santiment
Therefore, it might not be out of place to assume that a hike in the metric might offer a price hike too. Also, if development activity falls, so will Dogecoin’s price.
Now, DOGE could face a hard time reproducing its performance in February and March. Still, it is important to assess other metrics too. This would tell if the prediction is valid or not.
One indicator AMBCrypto looked at was the liquidation levels. This indicator shows estimated price levels where liquidation events might occur.
A liquidation event occurs when a trader’s open position is forcefully closed. Most times, this happens because the trader can no longer meet the requirements of keeping the position open.
Will the price fall again?
At press time, we noticed that the only possible liquidation points between $0.15 and $0.16 were scanty. This lack of liquidity could put DOGE’s price at risk.
This could be the case because Dogecoin’s price might not move to the upside as the zone is not magnetic. Hence, a possible move for DOGE could be a potential sideways movement.
In a worst-case scenario, the price might drop to $0.12. Apart from this indicator, AMBCrypto looked at Dogecoin’s Cumulative Liquidation Levels Delta (CLLD) as well.
Source: Hyblock
Positive values of the CLLD indicate more long liquidations. On the other hand, Negative values suggest that there are more short liquidations.
At press time, the CCLD was positive. From a price perspective, the reading indicates that Dogecoin might undergo a full retrace. If this remains the case, the $0.12 bearish prediction might be validated.
In addition to the analysis above, AMBCrypto also evaluated active addresses. At the time of writing, DOGE’s 24-hour active addresses were 54,600.
Three months ago, this same figure was over 250,000. Simply put, the decline was proof of decreasing network activity. Beyond that, the one-day circulation was 325.94 million as well.
Concerning the price, this fall in activity could stop DOGE from exponential growth on the charts. However, if things change for the better, DOGE might make a move towards $0.12.
In a recent analysis provided by the crypto analyst Dark Defender, a compelling case has been made for the potential significant rise in the price of XRP. Through a detailed examination of the XRP/USD chart on a monthly time frame, as sourced from Binance, Dark Defender highlights a large bullish formation, which he describes as a “bull flag” across multiple longer-term time frames including monthly, three-month, and six-month charts.
XRP Price Gears Up For Explosive Move
The analysis shows a substantial initial upsurge in price marked by a green arrow, suggesting a strong bullish momentum that started around early 2017 and peaked later that year. The price action following this peak is what Dark Defender identifies as a bull flag pattern. This pattern is characterized by a period of consolidation following a sharp movement in price, resembling a flag on a pole.
XRP price analysis | Source: X @DefendDark
The consolidation, traced with a red descending trend line and a blue ascending trend line, forms a converging pattern known as a triangle, which typically suggests that the period of consolidation is nearing an end as the lines converge. According to Dark Defender, this suggests a breakout is imminent.
Related Reading
“I have read some posts that XRP had a bull flag in the daily time frame, etc. If those are correction bull flags, this is a bull flag, too. But a bullish one. It is in the monthly, three-month, and six-month time frames. If you know a bull flag, you can enjoy your coffee today. Cheers,” he stated.
In his forecast, Dark Defender uses the flag pole and Fibonacci extension levels to predict future price points. After the expected breakout above the red resistance line, the first target is situated at the 161.80% Fibonacci level, which would bring XRP to approximately $1.88. A further ambitious target is set at the 261.80% Fibonacci level, priced at about $5.86.
The most optimistic target lies at the 361.80% Fibonacci level, forecasting the price to soar as high as approximately $18.23. Notably, Dark Defender’s blue line, analogous in length to the flagpole, shows that the XRP price could rise well above $18.
Different Analysis, Similar Price Targets
This analysis was further commented on by another renowned XRP community analyst, EGRAG CRYPTO, who brought attention to the fact that the flag portion of the pattern extends beyond half the length of the initial pole, a structural detail that might typically invalidate the bull flag designation.
Related Reading
“I’ve dabbled in this analysis before, but lately, I’ve become increasingly intrigued by the potential of a symmetrical triangle breakout. What caught my eye is that the Flag is extending beyond half the length of the Pole which invalidates the structure. Regardless of who’s right or wrong, hope to meet in the near future and being multimillionaires. Keep up the fantastic work,” Egrag noted.
Despite this technical caveat, EGRAG CRYPTO remains positive about the potential of a symmetrical triangle breakout. In a recent analysis of the weekly chart, EGRAG elaborated that XRP will at least explode towards $1.5 if price breaks out to the upside of the triangle. On a broader triangle pattern, EGRAG expects a move to $5.89.
XRP price analysis | Source: X @egragcrypto
“XRP Army, STAY STEADY! There’s a mini pump to $1.5 and a major pump to $5.89 in the cards, with the MACRO pump potentially soaring above 2 digits,” he stated. Despite their different approaches, the two analysts are therefore very close in their analyses.
The price of DOGE has risen by almost 1% over the last 24 hours.
Image by TradingViewOn the hourly chart, the rate of DOGE is looking bullish as it is trying to return to the local resistance level of $0.1539. If buyers manage to do that, there is a chance to see a breakout, followed by a move to the $0.16 zone.
Image by TradingViewA less positive picture can be seen on the daily time frame. The rate is far from key levels, which means neither bulls nor bears are ready to make a sharp move.
In this case, ongoing sideways trading in the zone of $0.15-$0.16 is the more likely scenario until the end of the week.
Image by TradingViewA similar situation can be seen on the weekly chart. The price is in the middle of a wide range, between the support of $0.1225 and the resistance of $0.1690. All in all, one can expect consolidation around $0.15 until the end of the month.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
This article outlines a Solana (SOL) price prediction for the near future as well as potential price trends in the coming years. We explored SOL’s potential performance, influencing factors, and market expectations.
Let’s take a look at the coin’s estimated trajectory based on current market trends and technical analysis.
What is Solana (SOL)?
Solana (SOL), a high-performance blockchain platform, has garnered substantial attention in the cryptocurrency sphere. Known for its exceptional speed and scalability, Solana has positioned itself as a formidable contender in the market, often dubbed the “Ethereum Killer.”
This platform’s ability to process thousands of transactions per second with minimal fees has attracted a wide range of developers, investors, and decentralized applications (dApps), solidifying its place in the digital asset ecosystem.
Solana (SOL) price analysis
As of mid-May 2024, Solana (SOL) is trading at approximately $167.87. The recent price action of Solana has shown significant volatility, characteristic of the broader cryptocurrency market. Over the past few months, Solana’s price has experienced both bullish and bearish trends, influenced by various technical indicators and market sentiments.
Moving average convergence divergence (MACD)
The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of Solana’s price. The MACD line is derived by subtracting the 26-period EMA (Exponential Moving Average) from the 12-period EMA, and the signal line is the 9-period EMA of the MACD line.
Recently, the MACD for Solana has been indicating bullish momentum. The MACD line crossed above the signal line, suggesting potential upward price movement. Additionally, the histogram, which represents the distance between the MACD and signal lines, has been positive, further confirming the bullish trend. This crossover indicates increasing buying pressure and is often interpreted as a signal for potential price gains.
Relative strength index (RSI)
The RSI is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100. An RSI above 70 is typically considered overbought, while an RSI below 30 is considered oversold.
For Solana, the RSI has been trending around 58.89, suggesting that the asset is currently neither overbought nor oversold. This level indicates that while there is buying pressure, it has not yet reached an extreme level that would typically precede a reversal. An RSI reading above 50 also supports the presence of bullish momentum.
Moving averages
Moving averages smooth out price data to identify the direction of the trend. The relationship between the short-term and long-term moving averages can indicate the overall market sentiment.
Solana’s 50-day MA recently crossed above its 200-day MA, forming a “Golden Cross,” which is a strong bullish signal. This crossover suggests that Solana’s price trend may continue to rise in the near term. The current price is also trading above both the 50-day and 200-day MAs, indicating sustained bullish sentiment in the market.
Support and resistance levels
Support and resistance levels are key price points where Solana’s price historically tends to reverse direction. Identifying these levels helps traders make informed decisions about entry and exit points.
Solana has established a significant support level around $135.89. This level has held firm during recent price dips, providing a strong foundation for potential upward movements. On the upside, resistance is currently observed near $174.35. A breakout above this resistance could lead to further gains, potentially pushing the price towards the next resistance level at $200.
Key factors influencing Solana’s price
While the technical analysis can provide helpful market insights, it’s also useful to gain a sense of how the project is doing from a broader perspective.
Technological Advancements and Strong Market Sentiment
Solana’s robust blockchain technology, which offers high transaction speeds and lower fees, is a major factor contributing to its growth. As Solana continues to enhance its infrastructure and resolve past issues such as network outages, its appeal to developers and users is expected to increase.
The recent announcement of a cross-chain bridge between Solana and Bitcoin by the Zeus Network is likely contributing to positive market sentiment for Solana. The cross-chain bridge will enable atomic swaps between SOL and BTC, creating interoperability between both networks.
Community and ecosystem
The active involvement of the Solana community and the expansion of its ecosystem are vital for sustained growth. Community-driven initiatives and partnerships within the DeFi space are likely to enhance Solana’s utility and adoption, further driving its price upward.
Social media analysis indicates that Solana has gained almost 30,000 followers in the last 30 days, a strong sign of both sentiment and community engagement.
Solana’s X.com account metrics from April 17 – May 17 2024, | Source: Social Blade
We can also assess interest and engagement with the Solana project by taking a look at the Google Trends results for the word “Solana”.
Google Trends results for keyword “Solana”, May 2023 -2024, | Source: Google Trends
Solana price prediction 2024
As of mid-May 2024, Solana (SOL) is trading at approximately $168.68 with a market capitalization of $75.7 billion. Analysts predict a range of outcomes for Solana’s price by the end of 2024. Optimistic forecasts suggest that SOL could reach as high as $200, while conservative estimates place it around $150 to $170.
This potential growth is driven by Solana’s strong fundamentals, including its high speed and scalability, which continue to attract both retail and institutional investors.
It’s important to note that the 2024 price prediction for SOL, along with the other predictions in this article, are simply estimates based on current trends and technical analysis. Cryptocurrencies are extremely volatile, and unforeseen events could cause the price of any crypto to drop significantly below the more conservative estimates outlined here.
Solana price prediction 2025
Looking ahead to 2025, the projections for Solana’s price are even more varied. Some analysts expect the price to benefit significantly from the broader market trends, especially the anticipated effects of the Bitcoin halving. Predicted prices for Solana in 2025 range from a conservative $200 to an optimistic $750.
This bullish outlook is based on Solana’s continued network improvements and increasing adoption within the DeFi sector. Of course, anything could happen in a year, and it’s entirely possible that a black swan event could negatively impact the price of SOL, or of any crypto asset.
Solana price prediction 2030
For a longer-term perspective, the Solana price prediction for 2030 is highly speculative but generally positive. By 2030, Solana could have solidified its position in the crypto market as a major competitor to Ethereum. It’s too early to speculate where SOL prices will head, although supporters and advocates of the project expect it to be successful.
While some projections predict that Solana’s innovations and expanding ecosystem could drive significant price increases over the next decade, others are more conservative.
Risks to consider
As a highly volatile asset class, crypto investment carries risk, and investors are often cautioned not to invest more than they can afford to lose. SOL prices are subject to major price swings, and can be impacted by market events not directly connected to the performance of the Solana network.
Is Solana a good investment?
Solana is considered a strong investment due to its advanced technology, high scalability, and growing adoption. However, as with all cryptocurrencies, it carries inherent risks and volatility.
Will Solana’s price go up or down?
Many analysts are optimistic about Solana’s price increasing in the coming years due to its strong fundamentals and market position. However, predictions vary. As with any asset class, it’s impossible to accurately forecast price action for SOL, and a common practice among investors is to implement proper risk management at all times.
Should I invest in Solana?
Investing in Solana could be beneficial if you believe in its long-term potential and are prepared for the volatility typical of cryptocurrencies. It’s important to conduct thorough research and consider your risk tolerance.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
In a recent analysis provided by the crypto analyst Dark Defender, a compelling case has been made for the potential significant rise in the price of XRP. Through a detailed examination of the XRP/USD chart on a monthly time frame, as sourced from Binance, Dark Defender highlights a large bullish formation, which he describes as a “bull flag” across multiple longer-term time frames including monthly, three-month, and six-month charts.
XRP Price Gears Up For Explosive Move
The analysis shows a substantial initial upsurge in price marked by a green arrow, suggesting a strong bullish momentum that started around early 2017 and peaked later that year. The price action following this peak is what Dark Defender identifies as a bull flag pattern. This pattern is characterized by a period of consolidation following a sharp movement in price, resembling a flag on a pole.
XRP price analysis | Source: X @DefendDark
The consolidation, traced with a red descending trend line and a blue ascending trend line, forms a converging pattern known as a triangle, which typically suggests that the period of consolidation is nearing an end as the lines converge. According to Dark Defender, this suggests a breakout is imminent.
“I have read some posts that XRP had a bull flag in the daily time frame, etc. If those are correction bull flags, this is a bull flag, too. But a bullish one. It is in the monthly, three-month, and six-month time frames. If you know a bull flag, you can enjoy your coffee today. Cheers,” he stated.
In his forecast, Dark Defender uses the flag pole and Fibonacci extension levels to predict future price points. After the expected breakout above the red resistance line, the first target is situated at the 161.80% Fibonacci level, which would bring XRP to approximately $1.88. A further ambitious target is set at the 261.80% Fibonacci level, priced at about $5.86.
The most optimistic target lies at the 361.80% Fibonacci level, forecasting the price to soar as high as approximately $18.23. Notably, Dark Defender’s blue line, analogous in length to the flagpole, shows that the XRP price could rise well above $18.
Different Analysis, Similar Price Targets
This analysis was further commented on by another renowned XRP community analyst, EGRAG CRYPTO, who brought attention to the fact that the flag portion of the pattern extends beyond half the length of the initial pole, a structural detail that might typically invalidate the bull flag designation.
“I’ve dabbled in this analysis before, but lately, I’ve become increasingly intrigued by the potential of a symmetrical triangle breakout. What caught my eye is that the Flag is extending beyond half the length of the Pole which invalidates the structure. Regardless of who’s right or wrong, hope to meet in the near future and being multimillionaires. Keep up the fantastic work,” Egrag noted.
Despite this technical caveat, EGRAG CRYPTO remains positive about the potential of a symmetrical triangle breakout. In a recent analysis of the weekly chart, EGRAG elaborated that XRP will at least explode towards $1.5 if price breaks out to the upside of the triangle. On a broader triangle pattern, EGRAG expects a move to $5.89.
XRP price analysis | Source: X @egragcrypto
“XRP Army, STAY STEADY! There’s a mini pump to $1.5 and a major pump to $5.89 in the cards, with the MACRO pump potentially soaring above 2 digits,” he stated. Despite their different approaches, the two analysts are therefore very close in their analyses.
Solana price prediction: SOL experienced a significant rise in market value recently, increasing over 4% in the last 24 hours. The Solana price surged past the $160 resistance level and currently stands at $168, demonstrating strong positive momentum in its trading pattern.
Solana Price Prediction: Bulls Eyeing $200
The market capitalization has also seen an upward movement, now standing at $75 billion, which marks a 3.21% increase. However, trading volume over the past 24 hours has declined by 18.18%, totaling $3.5 billion. The circulating supply of Solana is reported to be 448 million SOL out of a total supply of 576 million SOL.
Solana Price Prediction
In the past week, Solana has experienced a 9% surge despite some minor declines, highlighting its volatile nature. The price fluctuated between $150 and $168 over the past few days, reflecting a general uptrend. Solana has surged from $130 support level to the current prie above $160, over the past week, indicating ascending trend.
NFT Engagement Boosts Solana’s Appeal
Solana has seen a significant increase in first-time wallets engaging with its NFTs over the past week, especially within top collections. Recent data from Tiexo shows a slight rise in Solana NFT volumes, mainly driven by these collections.
The number of unique wallets has surged by 159% in the last seven days, reaching about 180,000. The most notable growth came from first-time wallets, which jumped by over 39% to surpass 56,000. This uptick in activity signals growing interest and participation in the Solana NFT ecosystem, highlighting the platform’s expanding appeal among new users.
With the current bullish trend, SOL Price could break the $170 resistance, signaling a revival in bullish activity. This breakout may push the valuation close to $190. An eventual move toward the $200 resistance level is possible, and with increased bullish pressure, SOL might hit $250 in the next run.
Conversely, a market downturn could see the coin retract to the $155 support line. If bearish trends dominate, the price may drop to $150, marking a bearish shift. Despite potential setbacks, current recovery trends suggest the altcoin is poised for further gains, indicating a promising outlook for Solana.
Technical Indicators Signal Potential for Further Gains
The 4-hour technical indicators for Solana suggest a bullish outlook. The Moving Average Convergence Divergence (MACD) shows a bullish crossover. The MACD line is above the signal line, indicating upward momentum. The Chaikin Money Flow (CMF) indicator has shown a positive reading of 0.29, signaling an influx of buying pressure in the Solana (SOL) market.
The Awesome Oscillator (AO) is displaying a positive value of 8.70, indicating a shift in market momentum favoring the bulls. Additionally, the Relative Strength Index (RSI) is at 72.75, signaling that Solana is in overbought territory, which often suggests strong buying pressure.
Dogecoin is recovering higher from the $0.060 level against the US Dollar. DOGE could continue to rise if it clears the $0.0640 resistance zone.
DOGE started a decent increase above the $0.0615 resistance against the US dollar.
The price is trading above the $0.062 level and the 100 simple moving average (4 hours).
There is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could struggle to clear the $0.0638 and $0.0640 resistance levels.
Dogecoin Price Starts Recovery
After a major decline, Dogecoin price found support near the $0.0595 zone. DOGE traded as low as $0.0591 and recently started a recovery wave. There was a decent move above $0.0600 and the price settled above $0.0612.
Recently, Bitcoin saw a steady increase above $27,000 and helped altcoins in recovery. Dogecoin is also showing a few positive signs and was able to clear the $0.062 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.
DOGE is now trading above the $0.062 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0638 level. It is close to the 50% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.
The first major resistance is near the $0.0640 level. Besides, there is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair.
A close above the $0.0620 resistance might send the price toward the $0.0670 resistance. The next major resistance is near $0.0685. Any more gains might send the price toward the $0.072 level.
Are Dips Supported in DOGE?
If DOGE’s price fails to gain pace above the $0.0640 level, it could start a downside correction. Initial support on the downside is near the $0.0620 level.
The next major support is near the $0.060 level. If there is a downside break below the $0.060 support, the price could decline further. In the stated case, the price might decline toward the $0.0565 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.0620, $0.0600, and $0.0565.
Major Resistance Levels – $0.0638, $0.0640, and $0.0685.
The price of Binance Coin (BNB) has fallen by 0.38% over the past day.
Image by TradingViewOn the hourly chart, the rate of SOL has broken the local resistance level of $571.1. If the daily bar closes above it, the growth may continue to the $590-$600 zone soon.
Image by TradingViewOn the bigger time frame, the price has made a false breakout of yesterday’s low. However, the rate of SOL does not have enough strength for a continued bull run.
In this case, sideways trading in the range of $570-$590 is the more likely scenario.
Image by TradingViewFrom the midterm point of view, the situation is quite similar. As none of the sides has seized the initiative yet, traders may expect ongoing consolidation in the zone of $550-$600 by the end of the month.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
Dogecoin started a fresh decline from the $0.0950 resistance against the US Dollar. DOGE could extend its decline unless there is a close above $0.090.
DOGE struggled near $0.0950 and started a fresh decline against the US dollar.
The price is trading below the $0.090 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a recovery wave if it clears $0.090 and $0.0950.
Dogecoin Price Faces Key Hurdles
In the past few sessions, Dogecoin price struggled to gain pace above $0.0920. DOGE remained below the $0.095 resistance zone and started a fresh decline, like Bitcoin and Ethereum.
There was a sharp drop below the $0.0900 and $0.0865 support levels. It even tested the $0.0760 zone. A low was formed near $0.0760, and the price is now attempting a recovery wave. There was a move above the $0.080 resistance zone.
It cleared the 23.6% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. DOGE is now trading below the $0.090 level and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0875 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. The next major resistance is near the $0.090 level.
A close above the $0.090 resistance might send the price toward the $0.092 resistance. The next major resistance is near $0.095. Any more gains might send the price toward the $0.105 level.
More Downsides in DOGE?
If DOGE’s price fails to gain pace above the $0.0875 level, it could start a fresh decline. Initial support on the downside is near the $0.080 level.
The next major support is near the $0.0760 level. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.080, $0.0760, and $0.0710.
Major Resistance Levels – $0.0875, $0.0920, and $0.0950.
Cardano gained by 7.4% over a single 48-hour period
Spot CVD and the On-Balance Volume indicator both flashed bearish signals
Cardano [ADA] was on a downtrend on the daily chart, even though it bounced by 7.4% from Wednesday’s lows. In fact, technical analysis revealed that market bulls have an uphill fight ahead of them to reverse this trend.
Bitcoin [BTC] also gained by 8% from its Wednesday lows and was the major cause of the market-wide rally. Despite its increased public acceptance, however, Bitcoin Core developer Matt Corallo claimed that “it’s hard not to see a bleak vision of the future.” He talked about how Bitcoin is veering away from being a tool of freedom, and away from the original vision of Bitcoiners.
Cardano’s price action also appears bleak
Source: ADA/USDT on TradingView
On the daily chart, the latest price bounce hardly registered against the sea of losses since March. The RSI was at 46.8 and indicated neutral momentum, but the price action signalled a strong downtrend with a series of lower highs and lower lows.
The OBV was unable to climb above a local resistance level. This underlined the selling pressure behind ADA. However, Cardano’s price prediction was bearish for another reason too.
Two imbalances on the daily timeframes are highlighted in white on the chart above. The lower one at $0.48-$0.5 has not been retested yet, but could rebuff bulls in the coming days.
The Open Interest behind Cardano has trended higher in May too, but was not particularly strong during the most recent price hike. This indicated that speculators have been wary of going long on ADA.
Simply put, Cardano’s price prediction remains bearish, with the 23.6% extension level at $0.3 being the next target. This expectation was reinforced by the sustained downtrend of the spot CVD since it highlighted selling pressure in the market.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
