Cardano (ADA) price started to show some activity in mid-April after a long silence. The chart, housed within an emerging technical pattern, has helped to rekindle interest in the Cardano network. This interest can provide a profit in the future.
Cardano price In fact, at the beginning of April, it seemed like it would act with a completely different scenario, but all expectations were in vain. After showing $2.4 on April 4, there was a 25% drop in price and failed to meet expectations. Selling pressure increased as the price dropped below the $1 level. However, the bulls have started to move in the past few days. The price aligns with a technical bullish pattern on the hourly chart, forming three tops at $0.98. The pattern shows the possibilities for positive price action in the future.
Meanwhile, technical indicators such as the RSI and the Directional Movement Index continue to paint an optimistic picture. Both metrics showed that Cardano would most likely be profitable for short-term buyers.
Locked total value (TVL), which is not visible on the charts but can be quite important, has been decreasing steadily over the past two weeks. This scenario may have finally come to an end. The change is largely due to Cardano’s mainnet WingRidersIt came because of the decentralized change initiated in . In just 48 hours, WingRiders’ individual TVL increased nearly 9000% from $570k to $49 million.
Also, Cardano’s network activity was not an immediate hurdle, with average hourly active addresses at mid-December 2021 levels. In particular, it provided Cardano investors with a return of around 30% in the same period.
Cardano (ADA) Price Strategy
Traders can wait for the $1 level or place a buy order there and take a profit at $1.07, the April 11 high. With this, ADA price Care should be taken if it drops below its previous low swing. The stop-loss can be held at $0.92. The trade setup carried a risk/reward ratio of 0.88. Therefore, it does not seem to offer a profitable trading opportunity at the moment.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.