The bearish volume has piled up, due to which the top 9th crypto is currently trading below the crucial resistance at $0.3. Moreover, crypto is flashing huge bearish signals which could drive the crypto toward new lows soon. The ADA price witnessed a fresh dismissal from the $0.28 support levels to hit the bottom at around $0.2491.
The price at the moment continues to consolidate losses as it appears to accumulate strength to break above the resistance zone at $0.26. The price may face the first resistance at $0.26 which is 0.23 FIB level.
The next major resistance could be around $0.29 which coincides with the 55 SMA in the mid-term. A clear uptick beyond these levels may break the resistance at $0.3 enabling a spike beyond $0.32, while the bulls may escort the price towards $0.350 levels.
Conversely, the bearish scenario includes the ADA price facing rejection from the current support at $0.248. This may break the last point of defense at 0 FIB levels which may trigger a fresh giant move towards the south reaching the $0.2 support. However, some of the current happenings on the Cardano network, squash the bearish scenario of the asset.
- Cardano secured the highest spot in the latest GitHub weekly development report with 542 outperforming top blockchains like Polkadot, Cosmos, Ethereum, etc.
- The development activity also surged significantly high marking new highs every new day
- ADA total weighted sentiment has been bullish, trading within the positive range for quite a long time regardless of the direction of the price.
- Lastly, the ADA top addresses holding between 100 to 1 M ADA tokens have been incremental in the last few days.
Collectively, the Cardano(ADA) price regardless of being extremely bearish at the moment, appears to be pretty bullish in the long term. Network growth which accounts for the development activity, transacting address, high buying volume, etc is all slowly moving toward the skies. Hence, despite a bearish end for 2022, a notable recovery phase may kick in and uplift the price from the bearish captivity.