The Cardano rallies in January and March were followed by pullbacks of 27% and 22% respectively- and the selling pressure of the past six weeks could be part of such a pullback
Cardano buyers hold on resolutely to the $0.36 supportOver the past month, Cardano has traded within the $0.36 and $0.38 levels. On the daily timeframe Cardano witnessed a bearish market structure after the bears forced prices beneath the $0.38 mark in early May.
The RSI hovered around the neutral 50 mark at the time of writing. It has not spent a considerable amount of time below the 40 value in May, which showed that there was no strong downtrend in May, although momentum favored the sellers. Taken together with the price action, the higher timeframe trend was bullish. The rallies in January and March were followed by pullbacks of 27% and 22%, respectively. Therefore, the consolidation above $0.36 could be part of a higher timeframe uptrend. However, bulls must be cautious until the $0.38-$0.4 resistance zone was broken.
In the event of an uptrend, bulls can target $0.48 and $0.56 to book profits at. The trend of Bitcoin could have a major impact on ADA.The data from Santiment showed that huge amounts of ADA tokens moved between addresses in April and May. The spike on 19 May denoted 720 million tokens transferred and represented a six-month high. Large spikes in this metric generally coincide with a sharp wave of selling.The retracement in mid-April was accompanied by a surge in dormant circulation.
The mean coin age saw a steep ascent earlier this month, but stalled just two weeks later. This showed accumulation in early May, followed by a phase where neither buyers nor sellers had a clear superiority. The MVRV ratio suggested ADA was undervalued, and that holders were at a loss.
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