Cardano (Island) followed a horizontal course in the range of $ 0.63 to $ 0.65 in the last 24 hours. In particular, the surplus of supply after the major sales of 100 million islands last week created anxiety among investors. With the influence of these developments, the question of whether the Island would experience a strong rise in the short term or a new retreat was brought to the agenda. Market players, price movements to determine possible signals closely began to monitor.
Uncertainty and Technical Indicators in Island Price
The price of Cardano increased by 0.26 %to $ 0.6397. The highest level was recorded as 0.6557 dollars during the day and the lowest is 0.6301 dollars. The weekly graph attracted an increase of about 10 %, while a 13 %depreciation has experienced in the last 30 days. This wavy appearance forces investors to be cautious.
0.63 dollars for investors come to the fore. Technical analysts say that if this level goes down, the price can be withdrawn to $ 0.54. Trader Tardigrade targets $ 0.73 by stating that the $ 0.64 level offers a short -term purchase opportunity.
There is no clarity in terms of long -term direction. The price of the price in a narrow range makes the instability in the market even more evident. On the one hand, there are investors who seek buying opportunities, while on the other, there is a part of concern about the continuation of large sales.
Whale sales affected market psychology
Famous analyst Ali Martinez, Cardano whales in the last week announced that the market has put about 100 million islands. Sales of this size naturally led to deterioration in investor sensitivity. Although some commentators argue that this movement is aimed at realization of profit, the effect of sales pressure still continues.
Charles Hoskinson’s statement is remarkable. Cardano’s founder, the island network may play an important role in the adoption of Bitcoin, stating that the potential of the network drew attention. Although this statement increased the positive expectations of Cardano’s future, it had a limited impact on short -term price behavior.
These contradictory signals in the market make the decision processes of investors difficult. In order for the Island to show a strong recovery, sales pressure should decrease and technically resistance levels should be exceeded. Otherwise, it may not be surprising to see lower prices in the short term.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
