Cardano Price in Search of a Direction. Will the ADA Bulls Take Over Again?

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Since last week, the crypto market has been combating China’s spread of fear, doubt, and uncertainty (FUD). 

Coins in the crypto-market have also shown contradictory tendencies on their charts during the last week. While the market has progressed over time, transitional periods remain shaky and indecisive. 

Today’s Cardano price analysis is optimistic, as any further downside was repelled above the $2 barrier once more, signalling bearish’ tiredness. As a result, we expect ADA/USD to reverse in the next 24 hours and return to the prior high.

Market participants were busily accumulating Cardano tokens from mid-July to mid-August. As a result, the average balance increased within the time period given. 

Furthermore, institutional interest has been dwindling. Cardano, for example, had $11 million in capital inflows [from institutional assets] in the week following the crisis on May 19th. The total inflows last week, on the other hand, were only $2.6 million.

Furthermore, Grayscale’s digital large-cap fund, of which ADA is a component, has been underperforming. The 2nd of September was not a happy day for Bitcoin and Ethereum. Cardano, on the other hand, managed to reach its $3.1 ATH on that day. On the same day, the large-cap fund’s share price was close to a multi-month high. 

The amount of tokens in circulation declined considerably in September, according to Messari data. This prognosis largely depicts a lack of change, given the current state of Cardano’s price.

ADA Price Analysis:

As for the time of writing Cardano is trading at $2.09 and is up by 2.95 percent. The first major resistance level is at $2.11 followed by $2.18 and $2.23. On the flip side the support levels are at $1.99 followed by $1.95 and $1.87.The RSI value is at 46, indicating a bearish sentiment for the ADA coin.

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