Assessment of Whether Cardano’s Price Limit at $0.37 Will Remain Under Pressure
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- Cardano’s ADA has remained steady within the range of $0.34 and $0.36 throughout this month
- The recent positive momentum for ADA was noted in late September when it recorded a higher high
Bitcoin experienced slight gains on Thursday, regaining $68,000 after declining to a weekly low of $66,300 on October 23 due to a corrective move that prompted altcoin selling. During the midweek period, Cardano (ADA) was one of the most significant losers as bullish traders faced challenges in reaching the crucial psychological target of $0.40.
A closer look at TradingView’s 4-hour chart highlighted ADA falling below its short-term moving averages on October 23 after failing to maintain a breakout above the resistance level at $0.37.
Source: TradingView.
ADA’s effort to recover met with selling pressure on Thursday, contrasting with most altcoins that surged alongside Bitcoin.
The broader view from the 4-hour chart indicated that both the 50-day and 100-day averages held steady, reflecting low volatility and uncertainty during this period within the altcoin sector.
Source: TradingView. p> div >
The daily RSI has been hovering around neutral levels throughout October, signaling an absence of strong bullish or bearish trends capable of engaging market participants more actively. p >
Onchain activity after Chang Phase 1 h2 >
CExplorer’s on-chain data revealed that there has been a decline in active accounts and overall transaction volume since implementing the Chang hard fork on September 2. p >
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