Cardano price has exhausted a bullish breakout that emanated from a falling wedge pattern. For the first time in 2023, ADA traded above $0.30, with support at $0.24 holding firm. The uptick in the smart contracts token carried on unabated until it hit new weekly highs of $0.3460.
ADA price has since retreated to trade at $0.3150, possibly due to a spike in selling pressure as some investors book early profits. High support is foreseen at $0.3000, but if declines intensify, we could see ADA spiraling to $0.2700 and $0.2400, respectively.
Cardano Price Upholds Uptrend Grinds to A Halt, Is This the End of The Relief Rally?
The pullback in Cardano price is likely a temporary stopover ahead of another massive breakout. The Moving Average Convergence Divergence (MACD) indicator suggests buyers have the upper hand and are not ready to let go of the aggressive approach witnessed in the last few days.
The MACD (line in blue) flashed a buy signal on the 12-hour chart just before the New Year as it crossed above the signal line (in red). The momentum indicator sustained movement above the mean line hints at increasing buying pressure. Besides, the long green histograms cement the steady bullish grip on Cardano price.
A falling wedge pattern significantly contributed to a 48% move in ADA price from support at $0.24 to highs around $0.3460. Buy orders entered slightly above the bullish pattern’s upper trend line, immediately turning profitable for plausible profit booking at the 200-day Exponential Moving Average (EMA) (in purple) at $0.3400.
If Cardano price does not break above the 200-day EMA soon, retracement is bound to stretch further downhill. Traders would be looking forward to placing new buy entries as ADA possibly bounces off the 100-day EMA (in blue) at $0.292 or, subsequently, the 50-day (EMA) (in red) at $0.276.
The Market Value Realized Value (MVRV), a profit/loss model from Santiment, shows that investors could sell ADA heavily in the coming days. This notion comes after the MVRV ratio increased significantly above the mean line (1) and is currently holding at +11.14%.
Realize that an MVRV reading above the mean line implies that Cardano is considered overvalued or simply trading above its fair market price. Some investors sell as soon as they break even, locking in early profits and adding to the overhead pressure on Cardano.
Therefore, selling pressure will likely mount in the coming days or weeks unless buying pressure strongly supports a breakout first to $0.56 (critical resistance in August) and later to $1.00.
Investors Are Ready to Defend the Bullish Outlook in Cardano Price
Cardano whale addresses have been buying ADA since July last year, especially those with 1,000 to 10,000 and 10,000 to 100,000 tokens. The former investor tier has grown to hold 5.81% of Cardano’s total supply, up from 4.78%.
The tier with 10,000 to 100,000 coins has also been buying ADA in droves to hold 11.69% of the supply, up from 10.5%. This increase in demand suggests investors foresee a sustainable northbound move in Cardano price.
It is important to remember that Cardano is one of the strongest cryptocurrency ecosystems in the industry. Input-Output Global (IOG) is tasked with developing and maintaining the blockchain.
IOG spent the last couple of years releasing software and product upgrades the team had promised in a five-year roadmap. The upgrades led to the launch of Cardano as a staking platform, while support for smart contracts paved the way for Cardano as a competitor to Ethereum.
Most of the upgrades scheduled for 2023 will focus on increasing the network’s scalability and interoperability. Two stablecoins are expected to debut on the Cardano blockchain, possibly in Q1 of 2023.
Cardano has a bright future from a development point of view, which could impact ADA price positively. Hence, a move to $3 in the next bull run is possible, but the target could be surpassed.
Altcoins To Consider Early In 2023
As investors deliberate the assets to add or keep in their portfolios, it would be prudent to seek exposure to up-and-coming crypto projects. Apart from a careful selection process, the altcoins listed here possess strong fundamentals to rally upon listing on exchanges.
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