🚨 $ADA's 40% Bounce on Thin Ice! 🧊
Cardano’s recent 40% surge is facing headwinds as retail investor conviction falters. $ADA dropped 2.1%, erasing previous gains and extending losses. Despite lingering optimism for a significant rebound, the price struggles near a descending wedge.
However, it’s not all doom and gloom. Cardano’s network is showing life! The launch of Midnight, a privacy sidechain, has ignited on-chain activity – transaction volume hit $19.74M on Dec 10th and remains elevated. 🚀
Yet, derivatives traders remain cautious. Open interest is down 1.57% to $666.25M, and negative funding rates signal continued selling pressure. Key levels to watch: resistance at $0.435 and support at $0.3415. The RSI is rebounding, and MACD hints at a potential bullish crossover.
#Cardano #ADA #CryptoAnalysis #Altcoins 📈
