Social Media Loves Cardano, But The Chart Signals Caution
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Although Cardano (ADA) supporters are very optimistic, the weekly chart (ADA/USDT) shows that it may be too early to flourish. While bullish sentiment develops at the same time as the recent regulatory points, Ada’s price action is still subject to critical resistance, flashing warning signs such as bearish edification patterns.
Cardano: Rising hype and bearish technology
Chain Analysis Company notes Today, social media optimism about Cardano on X has increased significantly: “Special alternatives like Cardano see high positive sentiment on social media. Altcoin’s community has raised bullish perceptions to its highest rate in four months with the help of the SEC classifying ADA’s use case as “smart contracts for government services.”
Related Readings
santiment further highlights Cardano’s crowd sentiment achieved the highest bullish mark in four months. “Every one negative review has been more than 3.5 positive reviews for every negative review to the ADA since October 30 to November 6,” Santiment noted.
However, this social media euphoria has not been translated in bullish price action. The current transaction is approximately $0.71, and the ADA is being included in the Strategic crypto reserves US President Donald Trump. Technology traders are particularly concerned with the announcement and the bearish candles formed after the subsequent retreat. This pattern happened three weeks ago when the big red candles fully covered the price range of the previous green candles, which could indicate momentum turned backward to bears.
Since then, Ada has retreated further. On the average of the move, Cardano will still be sandwiched under the 20-week EMA, at $0.7883, which itself is falling. Below the current price, the 50-week EMA is $0.6679, the 100-week EMA is $0.59, and the 200-week EMA is $0.5255, which can be used as layered support. If the ADA fails to take a foothold above $0.74-$0.78, these EMAs are increasingly related to measuring additional downside risks.
Related Readings
The chart tracks Fibonacci backtracking at $3.0984, showing other checkpoints above the current resistance. If the bull can clear $0.78, a FIB level of $0.8990 of 0.236 is the most critical boundary. In addition to this, $1.3193 (0.382 FIB), $1.6590 (0.5 FIB) and $1.9987 (0.618 FIB) represent more distant goals associated with a broader recovery program.
However, the bearish swallowing formation emphasizes the reality that momentum has recently returned to sellers’ favor. Typically, this pattern indicates that downward pressure increases at least in the short to medium term unless the rapid upward movement reverses. Basic trends. It seems to have played a role at this time. The relative intensity index (RSI) near 48 confirms this lingering indecision.
Currently, the wider altcoin market is currently It seems to have a great impact By decreasing the advantages of Bitcoin and overall macroeconomic conditions. Everyone’s eyes are focused on today’s FOMC meeting and updated DOT charts, which will be the key to risky assets. Any quantitative tightening (QT) mitigation or signs of accessories signal can serve as a catalyst for renewal strength throughout the Altcoin sector.
Featured images from Shutterstock, charts from TradingView.com
