The 4-hour and lower timeframe price charts of many of the top 20 crypto assets were bearish, and Cardano was no exception. But its daily timeframe chart could entice buyers with a good risk-to-reward buying opportunity.
Cardano formed a range on the charts that extended from $0.24 to $0.42. The mid-point of this range at $0.33 has been a critical support and resistance level since October 2022.
In the past two weeks, the RSI rose above 70 and the OBV also saw a pullback after posting a large upward spike. This showed strong demand and bullish sentiment behind ADA. With the RSI still above neutral 50 and the price in an uptrend still, bullish prospects looked encouraging.A bearish order block on the daily timeframe was highlighted in cyan. It was broken on 13 April and at the time of writing was retested as a bullish breaker. It has confluence with the range highs at $0.
The failure of this zone would be evident upon a daily session close beneath $0.38. On the other hand, a bounce from $0.42 was likely to reach $0.52.The 90-day MVRV ratio reached close to the highs from January but began to decline sharply in the past few days. The mean coin age has been rising since 7 April, which was a sign of network-wide accumulation.
Moreover, the dormant circulation metric did not show noticeable spikes despite ADA’s rejection at $0.455. This showed intense selling pressure was not yet upon us, which can be interpreted as “so-far-so-good” by bulls. The development activity continued unabated, which can hearten long-term buyers.
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