Cardano went on a challenging road this month. The price experienced serious fluctuations. However, technical indicators give warning. On the other hand, investors are cautious. Therefore, uncertainty is dominant in the market. This creates question marks about the future. As a result, Cardano’s new era gives a critical exam.
CARDANO PRICE MOVEMENTS
Cardano fell by 37 %in a short time. The price is traded around $ 0.71. In addition, the trend is broken. However, the support level became evident around $ 0.70.
The price exhibited sudden movements. Because the wavy market conditions were effective. In addition, investors reviewed their positions. As a result, uncertainty increased. On the other hand, there is an effort to recover the price. This should be followed carefully.
CARDANO: Technical indicators and Death Cross
Cardano faces the risk of landing under the 50 -day EMA’s 200 -day EMA. Technical analysis gives a Death cross signal. In addition, this situation triggered sharp decreases in the past. However, this should be clear in the current trend.
The indicators show a cautious appearance. Because the Golden Cross period seems to have ended. Also, Death Cross has been expected for the first time for ten months. On the other hand, this signal warns investors. Thus, sales pressure in the market may increase. Therefore, the risk factor rises.
Investor trust and possible scenarios
On-Chain data reduced the profits of long-term investors. Because, the MVRV Long/Short difference has decreased to the lowest level of four months. In addition, investors are cautious. However, this may trigger sales pressure.
If the sale persists, the support level may be broken. Because investors want to protect their profits. In addition, a new wave of sales can be expected. On the other hand, there is a possibility of recovery. However, the risk remains high in this scenario. Therefore, investors should take a careful step.
Exceeding resistance can revive hopes
Cardano must be above $ 0.77 to re -strengthen. Exceeding this level means breaking the horizontal course lasting for the last 11 days. If this happens, the price may be possible to rise to $ 0.85. This scenario can revive short -term investor confidence and create positive atmosphere. However, this breakage needs to be supported with a strong volume. Otherwise, the attempt to rise may fail in a short time.
