ADA’s Got a Lot Riding on This One 🤑

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It appears that Cardano‘s native token, ADA, has reached a key level, and the betting is on that if the downside momentum doesn’t continue, a massive sell-off could follow. And the reason for this is none other than a rather intriguing tariff announcement by the one and only Donald Trump, back in 2025. Who knew tariffs could cause such a ruckus in the crypto world? 😳

As of press time, ADA is trading near $0.65, and has remained stable, gaining only 0.60% in the past 24 hours. However, during the same period, its trading volume dropped by 30%, indicating lower participation due to potential fears of a further market decline. One wonders if the traders are just sitting on their hands, waiting for the next big thing, or are they actually buying the dip? 🤔

Price Action and Technical Analysis 

Now, according to expert technical analysis, ADA’s daily chart has formed a rather promising bullish hammer-type candlestick pattern at the key support level of $0.65, indicating potential upside momentum. One would think that this is a clear sign that the bulls are ready to charge, but one never knows with these cryptos, do one? 🤷‍♂️

Cardano (ADA) Price Prediction

However, if this support fails and ADA falls below the key level, closing a daily candle below the $0.615 mark, there is a strong possibility it could drop by 30% to reach the $0.45 mark in the future. One can almost hear the chickens screaming, “Sell! Sell! Sell!” 🐓

At present, the asset appears bearish and is in a strong downtrend as it trades below the 200-day Exponential Moving Average (EMA). It’s enough to make one wonder if the glass is half full or half empty. Or in this case, if the crypto is up or down? 🤯

Bullish On-Chain metrics 

Now, despite the bearish price action, investors appear to be accumulating the token, following a “buy the dip” strategy, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $2.10 million worth of ADA tokens in the past 24 hours, indicating potential accumulation. It seems like the traders are secretly gathering strength for the next big push. 🤝

On the other hand, traders appear to be following the current market sentiment, strongly betting on the bearish side. One can almost imagine them all huddled together, shouting “Sell! Sell! Sell!” 🚀

Data reveals that traders are currently over-leveraged at $0.636 on the lower side and $0.662 on the upper side, having built $5.41 million and $6.15 million worth of long and short positions, respectively. It’s enough to make one wonder if they’ll ever be able to get out of this mess! 🤯

Looking at this data, it seems like the bulls are dominating and are pushing ADA to hold its key support level. One can almost hear them all cheering, “Huzzah! The bulls are winning!” 🎉

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2025-04-04 09:52