Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors. Investors could reaccumulate ADA if it were to fall to $0.456, the 61.8% Fibonacci retracement level. A daily candlestick close below $0.42 would invalidate the bullish thesis, possibly triggering a 7% decline to $0.39.
This area harbors the highest traded volume level at $0.xx, making it a good place for investors to buy the dip. To add more credence to this area, the 61.8% Fibonacci retracement level at $0.45 also roughly coincides with this area, making it a high probability reversal zone. ADA/USDT 4-hour chart Cardano’s on-chain metrics add to the bullish thesis. Data from IntoTheBlock shows a sharp increase in active addresses to 38,620 on May 20 from 21,640 on May 12.
Source: Entertainment Trends (entertainmenttrends.net)
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