๐จ $ADA's 40% Bounce on Thin Ice! ๐ง
Cardanoโs impressive 40% surge just hit a wall as retail confidence falters. $ADA tumbled 2.1%, erasing recent gains and extending losses. Despite some analysts predicting a major rebound, the price struggles under resistance.
However, itโs not all doom and gloom. Cardanoโs network is *actually* improving! The launch of Midnight, its privacy sidechain, is driving transaction volume โ peaking at $19.74M on Dec 10th โ and boosting engagement. ๐
But hereโs the catch: derivatives traders remain cautious. Open interest is down, and funding rates are negative, meaning sellers are still in control.
Currently, $ADA trades within a descending wedge. Watch for a potential breakout towards $0.435, but a drop below $0.3415 could signal further downside.
#Cardano #ADA #CryptoAnalysis #Altcoins ๐
