Cardano

2024

Strong

Bitcoin

Reversal

The recent weekend saw a significant sell-off in the cryptocurrency market, with layer 1 blockchain <a href="https://coingape.com/trending/cardano-price-whats-happening-with-ada-today/" rel="noopener noreferrer nofollow">Cardano</a> bearing a substantial impact. The asset witnessed a steep decline from its new lower high of $0.624 to the $0.45 level, marking a 30% drop over the week. Amid fluctuating market sentiment and the approach of the much-awaited <a href="https://coingape.com/bitcoin-halving-can-cost-crypto-miners-10-billion-in-losses/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, Cardano’s price is striving to maintain its footing above the $0.45 threshold.
Also Read: <a href="https://coingape.com/sponsored/bdag-shines-as-bitcoin-price-stumbles-cardano-innovates/" rel="noopener noreferrer nofollow">BDAG Shines as Bitcoin Price Stumbles &amp; Cardano Innovates</a>
<h2 id="b-cardano-s-v-top-reversal-signals-seller-control-amid-market-correctionc-b">Cardano’s V-Top Reversal Signals Seller Control Amid Market CorrectionC</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/y/yyIAn8bd.png" alt="BINANCE:ADAUSDT Chart " width="1815" height="792">
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 Cardano Price Analysis| Tradingview
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Amid the broader market correction, the <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> developed a V-top reversal from the high of $0.81 in mid-March. This pattern representing complete dominance of sellers plunged the <a href="https://coingape.com/cardanos-hoskinson-makes-analogy-on-irs-killing-taxpayers-amid-sell-offs/" rel="noopener noreferrer nofollow">ADA</a> value 45% to trade at the $0.449 mark.
<blockquote>
 The aforementioned support coinciding with the 61.8% Fibonacci retracement level creates a high demand zone for ADA buyers. The renewed buying pressure is evidenced by the tail rejection in the daily candle of April 13th, holding the price above $0.449.&nbsp;
</blockquote>
The sidelined buyers can monitor this asset for the week and check its sustainability above the horizontal level. Furthermore, for buyers to regain a better confirmation for recovery, they reclaim the 20-day EMA around the $0.52 mark.
This breakdown would signal a reversal opportunity for the Cardano coin, but for momentum trading the ADA price should challenge overhead resistance at $0.56 to $0.625.
However, the crypto analytics firm Santiment reports a growing trader focus on Bitcoin, especially regarding holding strategies amid market downturns following the Bitcoin halving. As altcoins falter, the attention is turning towards Bitcoin’s stability and fiat liquidations amidst rising market FUD.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Traders have been increasing their discussions toward <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and the viability of <a href="https://twitter.com/hashtag/hodling?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#hodling</a> through a potential extended correction past the <a href="https://twitter.com/hashtag/halving?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#halving</a>. With <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoin</a> sectors like <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AI</a>, <a href="https://twitter.com/hashtag/gaming?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#gaming</a>, <a href="https://twitter.com/hashtag/DeFi?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DeFi</a>, <a href="https://twitter.com/hashtag/memecoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#memecoins</a>, and others retracing heavily, expect that the crowd focus will… <a href="https://t.co/kPfnwZwE1X" rel="noopener noreferrer nofollow">pic.twitter.com/kPfnwZwE1X</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1780251617931182481?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 16, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Thus, the top altcoins inducing Cardano may face a delay before joining the post-halving market rally.
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Directional Movement Index: The wide spread between the DI+ and DI- slope accentuates an aggressive correction trend in action.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> acts as dynamic resistance against the occasion of bullish bounces in ADA price.</li>
</ul>
The post <a href="https://coingape.com/markets/cardano-price-analysis-will-0-45-support-hold-amid-market-sell-off/" rel="noopener noreferrer nofollow">Cardano Price Analysis: Will $0.45 Support Hold Strong Amid the Market Sell-off?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Cardano Price Analysis: Will $0.45 Support Hold Strong Amid the Market Sell-off?

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