Cardano

2024

Family

Joe Biden

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag.png" class="attachment-full size-full wp-post-image" alt="cardano" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag.png 1280w, https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/04/cardano-blockdag-150x84.png 150w" sizes="(max-width: 1280px) 100vw, 1280px">
The pre-halving consolidation in <a href="https://coingape.com/blog/bitcoin-halving-2024-5-myths-facts-and-the-path-forward-revealed/">Bitcoin</a> continues to drive a sideways action in top altcoins including Cardano. The daily chart projecting candles with short-bodied and higher wicks indicates no clear dominance from buyers or sellers. However, the <a href="https://coingape.com/cardano-ada-price-soar-75-analyst-predicts-citing-technical-chart/">ADA price</a> hovering above the confluence of key support indicates the asset is well positioned for a bullish bounce. 
Also Read: <a href="https://coingape.com/cardano-news-charles-hoskinson-fumes-as-rfk-jr-family-backs-joe-biden/">Cardano’s Charles Hoskinson Fumes As RFK Jr’s Family Backs Joe Biden</a> 
<h2 id="b-cardano-price-correction-finds-footing-at-fibonacci-support-b-span-style-font-weight-400-span">Cardano Price Correction Finds Footing at Fibonacci Support&nbsp;</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/t/tUR7xaeg.png" alt="BINANCE:ADAUSDT Chart Image by sahilmahadik07"> 
The last six weeks’ correction in <a href="https://coingape.com/price/cardano/">Cardano price</a> can be traced through a downsloping trendline acting as a dynamic resistance. From the peak of $0.81, the asset lost 50% of its value to mark a low of $0.4.&nbsp; 
<blockquote>
 However, with the <a href="https://coingape.com/blog/bitcoin-halving-2024-5-myths-facts-and-the-path-forward-revealed/">Bitcoin price</a> sustaining above the $60000 psychological level, the altcoin market shifted sentiment to the local bottom formation. Thus, the ADA price surged to the $0.472 mark trying to hold its ground above the 61.8% Fibonacci retracement level.
</blockquote> 
In theory, this FIB level acts as a crucial support zone during a market correction offering buyers a suitable launchpad to counter.&nbsp; 
Moreover, in a recent analysis shared by Alicharts, a key indicator for <a href="https://coingape.com/cardano-ceo-unveils-interim-constitution-signals-new-governance-era/">Cardano</a> has hinted at a possible price surge. The MVRV (Market Value to Realized Value) Ratio for Cardano, which is a metric used to assess the profit or loss status of ADA holders, has once again dipped below -22%.&nbsp; 
Historically, a similar dip was observed right before ADA’s price experienced a substantial increase of over 75%. With the MVRV Ratio falling under the -22% mark again, alicharts suggests that we might be on the cusp of another impressive price rebound for Cardano’s native token. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The last time <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a>'s MVRV Ratio dipped below -22%, <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a>'s price soared by over 75%. With the <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw">#ADA</a> MVRV Ratio back under -22%, we could see another impressive rebound! <a href="https://t.co/ABf0mp4pR4">pic.twitter.com/ABf0mp4pR4</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1781237877671711060?ref_src=twsrc%5Etfw">April 19, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Thus, if the upcoming <a href="https://coingape.com/bitcoin-halving-countdown-start-what-expect/">Bitcoin halving</a> triggers renewed recovery in the altcoin market, the ADA price may breach the overhead resistance trendline and chase the potential target of $0.683, followed by $0.81. 
Also Read: <a href="https://coingape.com/blog/bitcoin-halving-2024-5-myths-facts-and-the-path-forward-revealed/">Bitcoin Halving 2024 : 5 Myths, Facts, and the Path Forward Revealed</a> 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope reverted from the oversold region indicating the ADA price may enter a relief rally in the coming week.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 200 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope of the weekly chart increases the support strength at the $0.445 mark.</li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-eyes-0-81-high-mvrv-ratio-signals-rebound/">Cardano Price Eyes $0.81 High as MVRV Ratio Signals Potential Rebound</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Eyes $0.81 High as MVRV Ratio Signals Potential Rebound

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