Cardano Price In Consolidation, But Strong Momentum Ahead?
The post Cardano Price In Consolidation, But Strong Momentum Ahead? appeared on BitcoinEthereumNews.com. Cardano price stayed in a narrow range after whales sold 50 million ADA in just two days. The move took place while the coin traded close to a key support level, leaving traders focused on the next direction. Market signals showed both positive and negative signs as attention turned to crucial resistance zones. Whales Sell 50 Million Cardano While Price Holds Large holders of Cardano sold 50 million ADA in 48 hours, a selloff that took place as the price traded near $0.8176. Despite the size of the selloff, the coin stayed above the $0.80 support that had been tested twice in September. It is important to clarify that this level was seen by many as an important line for traders. Cardano ranked number 10 among digital assets by market size. Its market capitalization stood at $29.95 billion. Cardano Whales in Selling Spree | Source: Ali Martinez Trading activity dwindled, with 24-hour volume at $627.8 million. The coin rose 6.6% in the past month and fell 2% in the past day. Meanwhile, technical charts pointed to mixed outcomes with a buy signal appearing from the TD Sequential indicator. The 50-day moving average sat at $0.83 while the 200-day moving average was at $0.73, both showing a longer-term upward path. However, it is worth noting that a resistance zone between $0.84 and $0.86 created a hurdle. Still, analysts noted that a close above $0.84 could push the price toward $0.90. Talk of a Parabolic Phase Some analysts said Cardano might have entered what is called a parabolic phase. In trading, this stage often brings strong upward momentum. Notably, the idea gained ground as the coin managed to stay above $0.80 even with heavy selling from whales. Interest in derivatives also supported this view as open interest stayed above $1.570 billion after…
The post Cardano Price In Consolidation, But Strong Momentum Ahead? appeared on BitcoinEthereumNews.com.
Cardano price stayed in a narrow range after whales sold 50 million ADA in just two days. The move took place while the coin traded close to a key support level, leaving traders focused on the next direction. Market signals showed both positive and negative signs as attention turned to crucial resistance zones. Whales Sell 50 Million Cardano While Price Holds Large holders of Cardano sold 50 million ADA in 48 hours, a selloff that took place as the price traded near $0.8176. Despite the size of the selloff, the coin stayed above the $0.80 support that had been tested twice in September. It is important to clarify that this level was seen by many as an important line for traders. Cardano ranked number 10 among digital assets by market size. Its market capitalization stood at $29.95 billion. Cardano Whales in Selling Spree | Source: Ali Martinez Trading activity dwindled, with 24-hour volume at $627.8 million. The coin rose 6.6% in the past month and fell 2% in the past day. Meanwhile, technical charts pointed to mixed outcomes with a buy signal appearing from the TD Sequential indicator. The 50-day moving average sat at $0.83 while the 200-day moving average was at $0.73, both showing a longer-term upward path. However, it is worth noting that a resistance zone between $0.84 and $0.86 created a hurdle. Still, analysts noted that a close above $0.84 could push the price toward $0.90. Talk of a Parabolic Phase Some analysts said Cardano might have entered what is called a parabolic phase. In trading, this stage often brings strong upward momentum. Notably, the idea gained ground as the coin managed to stay above $0.80 even with heavy selling from whales. Interest in derivatives also supported this view as open interest stayed above $1.570 billion after…
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