Santiment says Cardano sellers are getting exhausted but does price action show it?

2022-12-29 20:09

Cardano lost 3.22% on Wednesday to hit the lowest in the year at $0.25

Santiment data holds that bears are decreasing in numbers and losing control

ADA price action is extremely bearish, and lower prices are possible

Cardano (ADA/USD) looked headed for a new low on Wednesday as the price lost 3.22% to trade at $0.25. The price was the lowest in the year, with ADA still likely falling further. However, Santiment data could revive hopes, although ADA bulls would be disappointed that the price action isn’t positive. 

According to Santiment, ADA sellers are getting exhausted, while the cryptocurrency is “severely undervalued.” As ADA trades on a system of lower lows and lower highs, Santiment points out that there is falling selling power. The insights platform shows that as the token makes one downward movement, fewer coins are marked with a loss on the network. This has been interpreted as the strongest reversal sign as bears are gradually losing power. 

Besides, whale accumulation has been on the rise for Cardano in the last six weeks. But as you are too aware, Cardano has seen whale activity for a larger part of 2021. That has been interpreted to mean that whales are attracted to the low valuation of Cardano. However, this does not tell about the short-term price action since whales are believed to accumulate for the longer term.

ADA on a new low as price weakens on a descending channel

ADA/USD Chart by TradingView

On the daily chart, Cardano has maintained the descending channel with limited price surges. The price has mainly traded at the bottom of the descending channel range, indicating that bulls are keeping off. The RSI shows that ADA is currently oversold. 

Which way, Cardano?

It could be premature to buy ADA, despite Santiment data suggesting bear exhaustion. There is no clear bullish reversal, and we maintain a downtrend bias. From a technical point of view, a clearance of the descending channel is the needed confirmation for a bullish reversal.

Where to buy ADA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

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The post Santiment says Cardano sellers are getting exhausted but does price action show it? appeared first on CoinJournal.

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