Cardano

<p><a href="https://en.coin-turk.com/cardano-ada-could-reach-unprecedented-heights-says-crypto-analyst/" data-wpel-link="internal">Cardano</a>‘s <a href="https://en.coin-turk.com/cardano-ada-price-analysis-will-ada-experience-a-new-decline/" data-wpel-link="internal">ADA</a> price experienced a notable decline today, witnessing a 7.75% fall in the last 24 hours. However, ADA found significant support after retreating to the EMA 7 level of $0.5385 on December 13th, then rose to $0.6095 at the time of writing. We are examining together the factors of volatility recently observed in the Cardano price.</p> 
<h2 id="why-is-ada-declining">Why Is ADA Declining?</h2> 
<p>Technically, the price drop in ADA today attracted attention as part of a correction cycle that began on October 9th when ADA’s price reached $0.64, its highest level in 18 months. After the Relative Strength Index (RSI) on Cardano’s short-term charts exceeded 70, moving into the overbought territory, investors preferred to take profits.</p> 
<p>An RSI value above 70 indicates that the traded asset is overvalued and suggests that the trend may reverse or a corrective pullback could occur. ADA experienced a correctional pullback, confirmed by its movement within a triangular structure on the four-hour chart, bound by support and resistance lines. This period demonstrates the market’s indecision, with neither buyers nor sellers in control.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-288576 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/ada-4s-grafik.png" alt="" width="2710" height="1442"></p> 
<h2 id="whales-begin-taking-profits">Whales Begin Taking Profits</h2> 
<p>The volatility spike in Cardano on December 13th coincided with a modest decrease in the supply of ADA held by addresses with balances of over 1 million tokens. Notably, the whale community’s control over ADA’s supply increased from 21.62 billion to 21.66 billion tokens in December.</p> 
<p>This increase coinciding with a 50% price surge of Cardano during the same period suggests that these whales have influenced ADA’s short-term price trends, with December 13th being no exception.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-288575 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/ada-arz-verisi.webp" alt="" width="2384" height="1228"></p> 
<h2 id="ada-chart-analysis">ADA Chart Analysis</h2> 
<p>The flag pattern observed on Cardano’s four-hour chart also indicates a potential continuation of an uptrend. Specifically, bull flags are known as triangular-like formations that occur during an uptrend. In summary, if ADA’s price breaks the bull flag upwards, it is well-positioned for a potential increase to $0.81 or approximately a 40% rise within the next two weeks by the end of the year.</p> 
<p>Moreover, ADA’s proximity to the 50-4H exponential moving average (red line) near $0.528 also increases the recovery potential towards $0.81. Conversely, in a bearish scenario, a decisive break below $0.528 could lead to pushing the price towards the 200-4H EMA (green line) near $0.42.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-288574 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/ada-4s-yorum.png" alt="" width="2710" height="1442"></p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/cardanos-ada-analyzing-the-recent-price-decline-and-market-movements/" data-wpel-link="internal">https://en.coin-turk.com/cardanos-ada-analyzing-the-recent-price-decline-and-market-movements/</a>

Cardano’s ADA: Analyzing the Recent Price Decline and Market Movements

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