Cardano Price Prediction: ‘New ADA’ on the Way – Is Selling Pressure Coming?

Cardano's privacy-focused sidechain Midnight supports the ecosystem's long-term growth potential, while technical analyses indicate that selling pressure may increase in the short term. Some short-term indicators suggest that there could be downward pressure on the ADA price.

Midnight responds to Cardano's need for data privacy by enabling the execution of private transactions on-chain. Experts emphasize that this feature is a significant development that will accelerate Cardano's mass adoption.

Additionally, Cardano is expanding its ecosystem in a way that could encompass competing projects like XRP. As new developer tools and cross-chain interactions become easier through sidechain bridges, this is making Cardano a more flexible and inclusive platform. However, ADA still maintains its vulnerability in the face of macroeconomic uncertainties and geopolitical risks. In particular, the increasing tension between Israel and Iran has shaken investor confidence, and ADA has lost 8% on a weekly basis, lagging behind other major altcoins.

Is Selling Pressure Decreasing in Cardano Price?

For Cardano (ADA), which is facing intense selling pressure in the short term, technical indicators are signaling that this pressure may ease and a new upward movement may begin. Some indicators on daily charts are showing that buyers are re-entering the market after the recent decline.

The recent formation of a red candle closed below the lower bound of the Bollinger Band, indicating an oversold signal. However, ADA's recovery from the lower support of the six-month descending triangle formation at around $0.51 and return to the band could be a strong sign that sales are decreasing.

The recovery in technical indicators is also noteworthy. The Relative Strength Index (RSI) has risen above 30, indicating that buying momentum is regaining strength. Additionally, the MACD indicator is approaching a 'golden crossover' on a daily basis, positioning it as a harbinger of a possible rise.

The occurrence of this crossover will confirm the Bollinger Band reversal signal and increase the likelihood of ADA breaking the 0.618 Fibonacci resistance point at the $0.647 level.

If ADA manages to surpass this resistance and stays above it, the technical formation that has been ongoing for months may break upwards. In this case, according to Fibonacci projections, the price could rise by 170% to as high as $1.4285.

However, for this positive scenario to materialize, the Bollinger Band's middle level, which is the 20-day moving average, needs to be broken. Overcoming this critical resistance level could alleviate the current selling pressure and strengthen the upward momentum.

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