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Home»Altcoins»Cardano: Can you still buy the dip?
Altcoins

Cardano: Can you still buy the dip?

2023-06-13No Comments3 Mins Read
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  • Despite the volume increase, ADA may have reached an overbought level.
  • The price DAA divergence revealed that ADA could be close to an entry point.

Although the crash in from Cardano [ADA] price initially spelled disaster for token holders, it also laid the groundwork for some annual highs. According to Santiment, several on-kin metrics, including volume and active addresses, peaked when ADA recovered between June 10 and 11.

📈 The #Cardano capitulation happened more in particular than others #altcoins during Friday’s crash. After prices dropped -35% between June 5 and June 9, the #buydip opportunity came when $ADA volume, address activity and social dominance all hit 2023 highs on Saturday. https://t.co/GJ1teKN3ed pic.twitter.com/ni5MILllNr

— Santiment (@santimentfeed) June 12, 2023


Is your wallet green? Check the Cardano Profit Calculator


This increase suggested that there was an increase in transactions and utilities on the Cardano network. The price increase, which reached almost 10% in a day, implied strong buying pressure. In addition, it continued to improve ADAs general outperformance from other altcoins.

The inclusion could be an opportunity to…

Although the price of ADA has been fluctuating lately, the token is still down 21.23% over the last seven days (as of this writing). It may be a good idea to evaluate whether the price level of ADA offers a favorable opportunity to enter the market.

Based on the daily chart, ADA has not broken through the $0.385 mark since May 6. Even during a period of high accumulation, resistance remained solid, pushing the price back.

However, recent selling pressure has affected the value, pushing the price down to $0.278. But at the time of writing, bulls were trying the price back to the $0.3 region. Still, it depends on how long the $0.262 support would hold.

See also  Cardano: Only 30% ADA Holders in Profit – What Happens Next?

Meanwhile, the Chaikin Money Flow (CMF) remained in the positive region. At 0.50, the CMF indicated that the market was in an uptrend.

Cardano [ADA] price action

Source: TradingView

Since the value had crossed 0.20 at the time of writing, this could indicate that ADA was overbought and the price could continue. So it might be unpredictable to consider that the price of ADA right now could be a good starting point for the short term.

DAA exceeds the price of ADA

As for the price-Daily Active Addresses (DAA) divergence, Santiment showed it was -27.27%. Historically, metrics can play an important role in defining entry and exit points.

For context, this metric explains the relationship between price and DAA while assessing how the wider market values ​​a token.


Read from Cardano [ADA] Price prediction 2023-2024


However, this depends on the direction of movement of the DAA and price respectively. Usually, a higher price increase than the DAA has proven to be an exit point. And when the price falls more than the DAA, the same thing happens.

But with ADA, the DAA trumped the price. Therefore, the price of ADA could be close to a short-term entry point at the time of writing, provided the market does not experience significant upheaval.

ADA price-DAA divergence

Source: Sentiment



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