• ADA approaches key breakout point amid symmetrical triangle pattern formation.
  • Market indecision reflected by technical indicators and mixed on-chain data.

Cardano (ADA) has been experiencing market turbulence, with traders showing caution despite recent bullish attempts. After hitting a two-week high of $0.3711, ADA faced renewed selling pressure, dropping 4.24% in the past 24 hours to $0.3443. Trading volume has also decreased by 39%, further reflecting market hesitation.

A key technical formation in play is the symmetrical triangle pattern on ADA’s 1-day chart. This pattern signals that a major price movement is imminent. Currently trading around $0.3585, down 0.80% at the time of writing, ADA is approaching a critical juncture. A breakout above the upper trendline of the triangle could spark a rally, but strong buying momentum and increased volume are required to confirm this move.

Meanwhile, several technical indicators reflect the market’s indecision. The Relative Strength Index ( RSI ) sits at 46.96, placing ADA in neutral territory. Additionally, narrowing Bollinger Bands suggest decreasing volatility, with the upper band at $0.3969 acting as key resistance. For a bullish breakout to occur, ADA’s RSI must rise above 50, supported by growing buying momentum.

What is ADA Next Bounce?

On-chain data presents a mixed outlook. Net network growth is marginally positive at 0.09%, but a 0.53% decrease in large holder concentration signals bearish sentiment. However, the In the Money metric shows 3.43% of ADA holders are profitable, adding a slightly bullish dimension. Whale activity, reflected by large transactions, remains neutral. Currently, the 9D EMA is at $0.3443, further confirming the bearish sentiment grooving around.

Cardano (ADA) Eyes Breakout Amid Mixed Market Sentiment image 0 Cardano (ADA) Eyes Breakout Amid Mixed Market Sentiment image 1

While ADA’s technical setup suggests an impending price shift, whether this move is to the upside depends on stronger market participation and sustained social momentum. A rally toward $0.40 could be within reach, but it must first overcome resistance levels and ignite broader investor interest.

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