Cardano investors are breaking free from its bearish sentiment and flocking to the powerful emerging pre-sale exchange DTX Exchange (DTX) for its $6.3 million rally and upside.
The shift in market sentiment has propelled Cardano below critical levels, signaling bearish sentiment in the network. Meanwhile, DTX Exchange (DTX) is chosen by investors as the best alternative to take shelter amid the broader market change. This emerging DeFi platform is making noise with access to 120,000 assets, including cryptocurrencies, stocks and bonds, as well as currencies.
Cardano (ADA) faces tough resistance levels
Despite multiple breakout attempts, Cardano’s expectations of a price rise have been blocked. ADA has developed a bearish sentiment due to the indications shown by several measurements of the Cardano chain, as the ADA altcoin is oscillating between $0.34 and $0.36. While ADA holders are considering some relief, recent on-chain analysis suggests that may not be the case.
One of the main metrics on the ADA channel signaling a potential pullback is the In/Out of Money Around Price (IOMAP). The IOMAP price for Cardano categorizes addresses based on whether or not their on-chain cost base is lower than the current ADA value. This metric provides information about addresses holding tokens purchased at higher values and helps identify support and resistance.
According to BeInCrypto, over 260,000 Cardano addresses have acquired 6.68 billion ADA in the $6.68 to $0.34 range. At an average rate of $2.77, these holdings are worth approximately $2.77 billion, making them larger than currently profitable addresses. Given this position, Cardano price may struggle to break through this range.
Cardano turns bearish: investors withdraw in search of alternatives
Analysts believe ADA is stuck in the current situation because holders currently “out of the money” could be looking to break even and potentially keep the price of ADA below its current level. Apart from this, short-term holders are another reason why the price might face a decline. Specifically, the Balance by Holding Length metric shows that those who acquired ADA in the last 30 days to last 12 months sold.
According to analysts, if this trend continues, Cardano price could face strong downward pressure. On the daily chart, ADA has formed a head and shoulders pattern. This pattern indicates a reversal from uptrend to downtrend, signaling that bullish sentiment may soon end. ADA will indicate confirmation of the bearish pattern when it crosses below the neck line.
According to current statistics, the neckline of the pattern is around $0.34 and ADA has fallen below the region. If this remains the same, Cardano price could then drop by another 6%, which could take it down to $0.32. As of today, ADA is trading at $0.35 with a market cap of $12.47 billion and a 24-hour trading volume of $316.10 million.
DTX Exchange ranks among the most purchased presales in 2024
DTX Exchange (DTX) recently overtook Cardano (ADA) with its very bullish presale rally, ranking among the most purchased presales of the year. DTX Exchange offers quantitative and algorithmic trading, high-end automation, real-time market analysis, and premium risk management tools to help traders stay ahead of the ever-changing cryptocurrency market evolution.
DTX Exchange (DTX) helps investors and traders focus entirely on maximizing profits with its inbound trading features, which make it a complete end-to-end platform. The platform also promotes an internal knowledge base section that helps new traders learn from experienced investors and secure high profits and lucrative opportunities.
Leading Cryptocurrency Investors Power DTX Exchange to New Highs
Witnessing its growing adoption among many cryptocurrency projects, prominent investors (whales) have joined this emerging platform to propel it to new heights ahead of the upcoming Q4. Considering these features, DTX Exchange is poised to surge 25 times and become the leader of some of the renowned crypto giants as investors buy aggressively and take its presale to new heights.
While Cardano (ADA) is experiencing a high level of resistance on the network, DTX Exchange is a safe alternative to invest and recover your capital in a short period of time. If you are looking for shelter amid the general shift in market sentiment, DTX Exchange (DTX) is your go-to platform that offers fast-growing profits and attractive benefits. Join us now!
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