The post Will Cardano Reach $10 In The Next Bull Run? appeared on BitcoinEthereumNews.com.

TLDR  Cardano is facing selling pressure and a potential bearish outlook. Despite upcoming network upgrades, its price is struggling to recover. Rebel Satoshi Arcade emerges as a haven for investors, offering a staking platform with high rewards. Rebel Satoshi Arcade will burn unsold tokens after the presale, driving its commitment to decentralization. As selling pressure increases in the cryptocurrency market, Bitcoin struggles to surpass $70,000 and tests the $66,200 support level. With expectations dropping, major cryptocurrencies like Cardano (ADA) face huge inflows of sell orders. After the price increase in February, Cardano’s price has now dropped to a low of $0.433 after a 32% decrease in April, forming an evening star pattern on the charts. Despite Cardano’s recent poor performance, some investors on the sidelines expect the cryptocurrency to rise above $1.00 this year, while others suggest ADA’s price will increase soon. But can Cardano reach $10.00 in the next bull run? Leading this bearish outlook is the Mean Coin Age (MCA) indicator. As the name suggests, MCA measures the average age of all tokens on a blockchain from when they were last moved or purchased. For ADA, data from Santiment shows that the 90-day MCA has been increasing since June 1. This increase indicates a rise in selling pressure, one reason Cardano’s price has weakened. If the MCA reading continues to grow, Cardano’s price may have no choice but to decrease further. The weekly chart of Cardano’s price movement shows a period of leveling off within a range around the $0.46 baseline over the past few weeks. However, following the big price recovery in early 2024, the 50-week and 200-week moving averages are getting close to crossing over each other, hinting at a potential bullish “golden cross” pattern. Also, rejecting lower prices near the $0.46 support level increases the…

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Filed under: News - @ June 17, 2024 11:12 pm