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Cardano fell 3.22% on Wednesday, hitting a yearly low at $0.25.
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Bear numbers declining and out of control, according to Santiment data
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ADA price action very bearish, potential price cuts
Cardano (ADA/USD) appeared headed for new lows on Wednesday as the price fell 3.22% to trade at $0.25. Prices are at their lowest this year and ADA could fall further. However, while the Santiment data may revive hopes, ADA bulls will be disappointed by the lack of positive price action.
According to Santiment, the cryptocurrency is “significantly undervalued” while ADA sellers are exhausted. Santiment notes that selling power is declining as ADA trades on a system with both low lows and low highs. The Insights platform shows that fewer coins are marked for losses on the network as the token falls his 1st. This is interpreted as the strongest reversal sign as the bears are gradually losing strength.
Additionally, there has been an increase in Cardano whale accumulation over the past six weeks. But as you know, Cardano has seen whale activity for the better part of 2021. This has been interpreted to mean that whales are attracted to Cardano’s low valuations. .
ADA hits new lows as price weakens in descending channel
On the daily chart, Cardano is holding onto a descending channel while curbing price spikes. The price is mostly trading at the bottom of the descending channel range, which shows the bulls are staying away. The RSI shows that ADA is currently oversold.
Cardano, where are you going?
it may be too early buy ADA, despite Santiment data suggesting bear fatigue. There is no clear bullish reversal and the pair maintains a downtrend bias. From a technical standpoint, a descending channel clearance is the necessary confirmation of a bullish reversal.
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