Cardano investors are active and engaged in profit-taking, in the ongoing cycle. With assurances from Charles Hoskinson and developers on the Cardano network, ADA holders are convinced that the Vasil hard fork is on track.
Also read: Cardano price rally is imminent, analysts set $0.72 target for ADA
Crypto intelligence platform Santiment revealed that profit taking is at its highest point in four months in Cardano. In March 2022, Cardano price was sitting around the desired $1 level. Profit taking has hit a peak at $0.55, nearly 50% below the bullish target of $1.
Sentiment among investors is rather positive, Cardano price is up 22% in the past three weeks. The ratio of on-chain transactions as profit taking/selling at a loss is at its peak, for the first time in four weeks.
Cardano Sentiment among holders
Charles Hoskinson assured the crypto community that the Vasil hard fork will proceed without a hitch and no further bugs were discovered in recent tests. In the first two weeks of August, Hoskinson said that the Cardano testnet was hard forked to run version 1.35 of the Vasil upgrade.
Internal testing revealed three bugs, engineering and quality assurance firms have noted no need for significant changes on version 1.35.3. Hoskinson told ADA holders that the chances of something going wrong are really small, therefore fueling bullish sentiment in the Cardano community.
Though Cardano is notorious for its low profitability, ADA recently released its smart contract technology. Analysts have a bullish outlook on Cardano and predict a rally in the Ethereum-killer altcoin.
Gert van Lagen, a leading crypto analyst and trader believes bull market structure in ADA is intact. On the weekly Cardano price chart, high timeframe support is $0.40 to $1 and low timeframe resistance is $1.40 to $2.
A decline below $0.17 could invalidate the bullish thesis for Cardano price. Gert van Lagen believes the extension targets for waves IV-V are $6, $8, $12 and $27.
ADA/USD 1-week price chart
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Cardano price punished early bulls by collecting the sell-stop liquidity resting below the September 2 swing low at $0.448, hinting at a reversal. Now, investors can expect ADA to kick-start a recovery rally to the $0.505 hurdle.
SafeMoon price shows a lack of volatility as it trades around the $0.000342 level. A breakdown of this barrier could result in a 40% drop to $0.000220. A daily candlestick close above $0.000342 will invalidate this bearish thesis.
Ethereum Classic price has lost support from the 8-day exponential and 21-day simple moving averages. ETC price shows an uptick in volume amidst the decline. Invalidation of the bearish thesis is a breach above the swing high at $42.50.
XRP price validates the previous countertrend thesis, still trying to attain more profit from the current uptrend has accompanying risk. XRP price has displayed applaudable price action over the weekend. Since Friday, September 16, the digital remittance token has rallied 19%.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
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