BTC price continues its zigzag movements and the resistance at $ 65,000 could not be overcome after the second attempt. Although the situation is positive in the cryptocurrency markets, the third quarter performance is historically the weakest period of the year. BTC does not break this series and remains calm despite many positive developments.
ADA Coin Price Comment
The breakout of the $0.4 resistance and the loss happened almost simultaneously. This is also due to the MVRV ratio entering historical sell territory. While investors are generally positive for the fourth quarter, there is the potential for continued weakness in the crypto until mid-September. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Moreover, on Friday future PCE could be a good trigger for a possible surprise decline in the data (although not expected). If we refer to the MVRV rate, the 30-day rate reached 11.4% and the range between 8% and 18% is generally ADA Coin It is considered a sell signal for investors. At the time of writing, the rate had fallen to 5.4%.
The positive funding rate in futures is positive as it shows that investors are not that pessimistic for now. BTC is at $63,400 and altcoins are generally painted in the red. This is not all that surprising as the failure of the last test of $65,000 suggests the potential for a pullback to $60,000.
ADA Coin Price Prediction
Since the end of February ADA Coin It has been following a steady downward pattern. While its competitors have made strong upward attempts, ADA Coin has stagnated. Of course, this is due to Hoskinson’s failure to push the network forward as expected. Despite Vasil and other major upgrades, the network, which lacks the protocols that people are using like crazy, is experiencing reasonable weakness while the number of competitors is increasing.
Failure to keep up with the strong competition is a serious long-term problem for ADA Coin. The price, which has fallen below $0.37, is targeting $0.34 below this support level. This, combined with BTC weakness, suggests that the popular altcoin will demoralize the bulls in the short term.
But if BTC makes a third attempt at $65,000 again and ADA Coin price If it can exceed $0.4, $0.44 can be targeted.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
