The post Cardano (ADA) Eyes Breakout Amid Mixed Market Sentiment appeared on BitcoinEthereumNews.com.

ADA approaches key breakout point amid symmetrical triangle pattern formation. Market indecision reflected by technical indicators and mixed on-chain data. Cardano (ADA) has been experiencing market turbulence, with traders showing caution despite recent bullish attempts. After hitting a two-week high of $0.3711, ADA faced renewed selling pressure, dropping 4.24% in the past 24 hours to $0.3443. Trading volume has also decreased by 39%, further reflecting market hesitation. A key technical formation in play is the symmetrical triangle pattern on ADA’s 1-day chart. This pattern signals that a major price movement is imminent. Currently trading around $0.3585, down 0.80% at the time of writing, ADA is approaching a critical juncture. A breakout above the upper trendline of the triangle could spark a rally, but strong buying momentum and increased volume are required to confirm this move. Meanwhile, several technical indicators reflect the market’s indecision. The Relative Strength Index (RSI) sits at 46.96, placing ADA in neutral territory. Additionally, narrowing Bollinger Bands suggest decreasing volatility, with the upper band at $0.3969 acting as key resistance. For a bullish breakout to occur, ADA’s RSI must rise above 50, supported by growing buying momentum. What is ADA Next Bounce? On-chain data presents a mixed outlook. Net network growth is marginally positive at 0.09%, but a 0.53% decrease in large holder concentration signals bearish sentiment. However, the In the Money metric shows 3.43% of ADA holders are profitable, adding a slightly bullish dimension. Whale activity, reflected by large transactions, remains neutral. Currently, the 9D EMA is at $0.3443, further confirming the bearish sentiment grooving around. While ADA’s technical setup suggests an impending price shift, whether this move is to the upside depends on stronger market participation and sustained social momentum. A rally toward $0.40 could be within reach, but it must first overcome resistance levels…

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Filed under: News - @ October 17, 2024 7:20 pm