The post Cardano (ADA) Lacks Bullish Momentum, Trapped in $0.33-$0.37 Range appeared on BitcoinEthereumNews.com.

ADA price lacks bullish momentum, trapped in $0.33-$0.37 range. Correlation with Bitcoin drops to 0.35, lowest in 2.5 months. Potential targets: $0.40 if $0.37 breached, or $0.31 if $0.33 support fails. Cardano (ADA) finds itself in a precarious position as it grapples with a persistent lack of bullish momentum, leaving investors uncertain about its near-term trajectory. Despite optimistic expectations for a rally, ADA has struggled to break free from its current consolidation range, with technical indicators and market sentiment providing mixed signals. One of the most notable developments in Cardano’s market behavior is its rapidly declining correlation with Bitcoin. Currently standing at 0.35, this correlation coefficient has reached its lowest point in over two and a half months. This decoupling from Bitcoin’s price movements is particularly significant given BTC’s proximity to the $68,000 mark, suggesting that ADA may not benefit from the same upward momentum that Bitcoin is experiencing. Cardano holders in loss Cardano’s macro momentum presents equally concerning signals. The realized profits/loss indicator reveals that the majority of ADA holders are currently experiencing unrealized losses. Source: Santiment This situation has led to a prevalence of “HODL” behavior, where investors are reluctant to sell at a loss but also hesitant to increase their positions. The resulting stagnant market environment has created a delicate balance between low selling pressure and limited buying activity. From a technical perspective, ADA’s price has been confined to a narrow range between $0.33 and $0.37 since the beginning of October. This consolidation pattern reflects the current equilibrium between bullish and bearish forces in the market. Without a significant catalyst or shift in market sentiment, Cardano is likely to continue oscillating within this range in the near term. The mixed signals from Cardano’s macro indicators make it challenging to predict a clear direction for the asset. While the…

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Filed under: News - @ October 19, 2024 5:06 am