Cardano (ADA) Price Prediction 2022: Will ADA Price Recover?
- WBOYOriginal
- 2024-08-28 15:49:26639browse
Cardano price slipped below a major resistance zone, and traders immediately began opening Shorts, anticipating lower prices. Meanwhile, the Binance exchange confirmed
The price of Cardano (ADA) dropped on August 27, as traders opened Shorts and anticipated lower prices. Meanwhile, the Binance exchange confirmed its readiness for the Chang hard fork, which was pushed forward to allow more exchanges to prepare.
At the time of writing, ADA price dropped 1.1% over the last 24 hours to trade at $0.3637. However, the coin added 1.7% to its value over the last seven days.
Cardano saw a spike in whale transaction count on August 27. Santiment recorded 89 transactions of over $100,000 each, signaling a significant increase in whale activity.
This is the largest spike since August 2, and it happened while the price of Cardano was dropping, signaling that whales might be accumulating ADA.
Moreover, according to data from IntoTheBlock, the Cardano daily active addresses (DAA) increased by 16.91% over the last 24 hours. This increase brought the total number of addresses to 23,523 DAA.
Combined with the spike in whale transactions, this could mean new whales are entering the ADA fold, impacting the Cardano price.
On the other hand, Cardano volume continues to dwindle despite an immensely successful demo of the Hydra DOOM at the RareEvo Blockchain event in Las Vegas.
According to Messari Research data, Cardano transaction volume has been dropping since the March mini-bull run high. The ADA volume hit $5.29 billion on August 27, the second lowest recorded volume this year after August 12.
Even though DAA increased over the last day, they have drastically reduced YTD. At the height of the March bull run, Cardano had 71,223 active addresses. However, that number has dropped by over 66%, which corresponds with the dropping transaction volume.
Cardano shows a potential reversal to the downside after failing to sustain the recent bullish momentum. The price dropped below the 50-day exponential moving average (EMA), indicating bearish pressure might be taking over.
The MACD line is above the signal line but appears to be converging. The histogram is losing its positive momentum, indicating a potential bearish crossover. This suggests weakening bullish momentum and the possibility of a further downward move.
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