🟩Cardano (ADA) has reached a seven-month high, with technical indicators signaling continued growth. However, on-chain metrics suggest caution in predictions.
🟩The market is dominated by short-term investors holding assets for less than a month, who tend to sell during periods of high volatility. Their share has increased from 14% to 18%, potentially indicating rising selling pressure.
🟩Cardano is experiencing significant macro-level changes: the 50-day exponential moving average is crossing the 200-day from below, forming a “golden cross.” This pattern is considered a strong bullish signal.
🟩If ADA holds above $0.59, its price could climb to $0.62 and aim for the next target at $0.66. However, failure to maintain support above $0.59 risks a drop to $0.54, casting doubt on the bullish outlook.