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Cardano (ADA) Price Prediction for February 26
Cardano’s ADA token has been under immense pressure in recent times, plummeting to a crucial support level of $0.65. However, the asset’s market structure and price action suggest that it may be on the verge of a significant price recovery.
The price of Cardano (ADA) is currently trading near $0.69 after experiencing a modest decline of over 0.85% in the past 24 hours. Interestingly, its trading volume has surged by a whopping 85%, indicating heightened participation from traders and investors compared to the previous day.
From a technical analysis perspective, ADA’s four-hour chart displays a bullish morning star candlestick-like pattern, signaling an upward move. Furthermore, the asset’s recent price action and historical patterns suggest that it could potentially rise by as much as 21% if it holds above the $0.65 level, reaching the $0.83 mark in the near future.
This bullish outlook is supported by ADA’s technical indicators, which are flashing a bullish divergence on the daily timeframe, indicating a potential price recovery.
However, if sentiment were to shift and the price falls below this crucial support level of $0.65, it could drop by 30% to reach the $0.45 mark.
It’s important to note that trader sentiment has started shifting as traders begin building their positions on the long side after consistently betting on the short side, according to data from Coinglass.
In addition, an analysis of the ADA exchange liquidation map reveals that traders are currently over-leveraged at $0.695, with a significant amount of short bets worth $3.70 million. On the other hand, bulls have built long positions worth $19.50 million at $0.62.
While this data provides some insight into the trader’s sentiment and potential price movements, it’s crucial for investors to carefully consider their risk tolerance and market conditions before making any investment decisions.
In conclusion, Cardano (ADA) is likely poised for a massive price recovery as its current market structure and price action suggest an upward move.
Source: https://coinpedia.org/news/cardano-ada-price-prediction-for-february-26/
