Cardano

Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardanos-market-data-suggests-potential-recovery/" data-wpel-link="internal">Cardano’s Market Data Suggests Potential Recovery</a><br></p>
<p class="p1" style="text-align: justify">In the recent developments of the crypto market, <a href="https://coin-turk.com/bitcoin-ralli-devam-edecek-mi-tamam-mi-devam-mi-esigi-ve-80-bin-dolar-beklentisi" data-wpel-link="internal">Bitcoin</a> has marked significant gains while serious declines have been observed in <a href="https://coin-turk.com/elon-musk-ve-dogecoin-doge-tweetleri-hakkinda-ilginc-iddia-elon-yine-doge-tweeti-mi-atacak" data-wpel-link="internal">altcoin</a> projects. Accordingly, <a href="https://en.coin-turk.com/eric-wall-predicts-cardanos-fall-from-top-10-cryptocurrencies-by-2024/" data-wpel-link="internal">Cardano</a>‘s (<a href="https://coin-turk.com/cardano-ada-icin-siradaki-sey-ne-ralli-basliyor-mu" data-wpel-link="internal">ADA</a>) current price trajectory is undergoing a downtrend. However, some data analyzed indicates that a potential recovery phase for <a href="https://en.coin-turk.com/cardanos-ada-poised-for-remarkable-growth-analysts-predict/" data-wpel-link="internal">ADA</a>‘s price could be near. If this change occurs, ADA could be gearing up for a significant rally.</p> 
<h2 class="p1" style="text-align: justify" id="noteworthy-data-for-cardano">Noteworthy Data for Cardano</h2> 
<p class="p1" style="text-align: justify"><strong>Cardano</strong> experienced a 15% drop last week and is currently hovering around a support level of $0.570, a resistance level that has been tested multiple times. Although this situation suggests a continuation of the downtrend, on-chain data paints a more optimistic picture.</p> 
<p class="p1" style="text-align: justify">The Market Value to Realized Value (MVRV) ratio, an important indicator of investor profitability, places ADA in a significant position for accumulation. With the 30-day MVRV at -12.5%, indicating current losses, this scenario could typically lead to increased buying activity. Historically, ADA could see a recovery within the -8% to -18% MVRV range, which is defined as an opportunity zone for investors.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337963 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/ada.webp" alt="" width="1536" height="520"></p> 
<p class="p1" style="text-align: justify">Moreover, when the total profitable supply drops below 65%, ADA’s price tends to show a recovery trend. Currently, only about 60% of ADA’s total supply is in a profitable state, which is consistent with past recovery patterns that have been ongoing for over three years.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337964 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/ada-veri.webp" alt="" width="1536" height="520"></p> 
<h2 class="p1" style="text-align: justify" id="ada-chart-analysis">ADA Chart Analysis</h2> 
<p class="p1" style="text-align: justify">Trading at $0.57, <strong>ADA</strong> is at a critical point, trying to maintain its position above support. Considering the conditions, it seems reasonable to rise to $0.63, a level that has served as significant resistance in the past. Breaking this resistance could likely initiate a rally towards $0.70 or higher.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337965 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/ada-grafik.webp" alt="" width="1805" height="771"></p> 
<p class="p1" style="text-align: justify">However, if ADA falls below the $0.56 support level before a recovery occurs, it will negatively affect the bullish outlook and could potentially push the cryptocurrency towards the next major support at $0.50. Despite recent gains, the altcoin market has seen a notable decline following <a href="https://en.coin-turk.com/jp-morgan-spotlights-bitcoin-etfs-in-research-report/" data-wpel-link="internal">Bitcoin</a>‘s downturn, and many altcoin projects have not experienced a rise.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardanos-market-data-suggests-potential-recovery/" data-wpel-link="internal">Cardano’s Market Data Suggests Potential Recovery</a></h5>

Cardano’s Market Data Suggests Potential Recovery

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