Cardano (ADA) is drowning in a whirlpool of key ecosystem updates, while the double-digit percentage upswing last month has breathed in some optimism in the token’s value. On the daily charts, Cardano’s price managed to print a double bottom, which materialized during a hunt for higher lows between the area of $0.152 to $0.16.
What This Cardano’s Price Trend Switch Tells Us
Now, Cardano’s price is pushing through the $0.18 confluent resistance line, already flipping the SuperTrend. Depicted in the green line in the chart below, this crucial indicator determines a price trend switch, hinting at ADA’s bulls recovering territory if it flashes green and the actual price trades above the green line.
This chart setup is particularly interesting due to the fact that Cardano’s price has hit extremely oversold levels on the Stochastic Relative Strength Index (StochRSI). Hovering between 20.69 & 3.95, this hints at Cardano’s (ADA) price being under-valued against the present market conditions. Are ADA’s bulls feeling the same way?
Whales Unfussed Over Van Rossem Upgrade, But..
The whale distribution strategies still prevail on smaller time-frames, as Cardano (ADA) displays a high correlation with Bitcoin (BTC). The apex crypto asset slumped towards $62,000, while Cardano’s whales have been taking profits on one-hour & 4-hour time-frames. Regardless, the one-day chart looks bullish with the CMF softly hovering above 0.
A few weeks ago, Cardano’s Layer-1 developers completed the Van Rossem upgrade, but that hasn’t significantly pushed the price up. On the network’s total value locked (TVL) metrics, there’s also quite a huge discrepancy: Cardano’s overall TVL fell below $100 million to $18 million, but the ADA-native network continues to show exponential growth in stablecoins.
This can be massively attributed to the rise of Cardano’s Midnight. The side-chain privacy network delivers a best-of-both-worlds mix of complimentary privacy and regulatory compliance. Merchants can conceal their sensitive transaction data on request, making Midnight an attractive option for institutions, conducting business with multi-national licenses.
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