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Cardano’s ADA Price Tests Patience as XRP Airdrop Hype Builds?
The cryptocurrency space has been abuzz with the upcoming airdrop of NIGHT and DUST tokens to XRP holders, signaling closer collaboration between Cardano (ADA) and the XRP Ledger. In light of this development, let’s delve into Cardano’s ADA price analysis and assess its short-term prospects.
As things stand, Cardano’s ADA price is hovering around $0.6099, which places it near the lower end of its accumulation zone. This current price of $0.6099 has led to a market valuation drop of 2.44%, with the trading volume plummeting by over 17% within the last day.
While these metrics may raise concerns, the recent candle formations on the 4-hour chart indicate ADA struggling below the Bollinger mid-band, suggesting ongoing selling pressure. The Relative Strength Index (RSI) is also headed towards oversold territory, potentially indicating a short-term relief bounce if momentum improves.
However, it’s essential to note that RSI still lags beneath the signal line at 42.89, pointing to a lack of conviction among bulls. Furthermore, ADA faces significant resistance within the $0.75-$0.78 range, an area that has consistently thwarted previous rallies.
It is crucial for traders to recognize that ADA will only regain its footing and potentially climb higher once it reclaims $0.62 and re-approach the $0.70 zone. Until then, the asset remains vulnerable to further consolidation or even potential downside moves.
Source: coinpedia.org
