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Cardano ADA: Capitulation EVENT Coming!

Cardano ADA: Capitulation EVENT Coming!
Cardano ADA: Capitulation EVENT Coming!

Cryptocurrency Analyst JB from Cheeky Crypto shares his technical analysis and market predictions for Cardano (ADA), warning of a potential capitulation event and a pullback to around 22 cents.

Technical Analysis:

JB focuses on the hourly, daily, and weekly time frames, indicating a potential completion of an initial wave move to the upside. He anticipates a retracement in the B wave, targeting price levels of 58.9 cents and potentially as low as 22 cents. EMAs and SMAs are also pointing towards downside pressure.

Market Predictions:

JB predicts a volatile Sunday in the crypto market, with the potential for a heavy pullback. He believes market makers and exchanges are influencing prices, leading to a collapse in the market. A potential capitulation event could drive ADA to as low as 22 cents.

Onchain Data Overview:

JB highlights key onchain data from Cheeky Crypto’s analysis screen, including the total number of wallets at different ADA holding levels. He observes recent selling-off patterns and changes in wallet levels. Analysis of selling-off trends in various ADA holding categories suggests a potential pullback.

Community Engagement:

JB encourages viewers to share their thoughts on the market situation and mentions the possibility of taking profits. He also provides updates on Discord.

Membership and Further Analysis:

JB teases the availability of more in-depth data for members and refers to the Cheeky Crypto website for additional information and insights.

Total Value Locked (TVL):

JB notes a significant increase in Ada token value, up 246% from 191 million to 663 million ADA in the last year. Despite a slight decrease in the last 7 and 30 days, there’s still a substantial amount of ADA locked up.

Dollar Value:

The dollar value is now $438 million, indicating an increase as the price of ADA rises. However, JB emphasizes the importance of considering ADA value, not just dollar value.

Price Movement:

Cardano’s ADA is currently at 62 cents, showing an upward trend, but JB anticipates a pullback.

On-chain Data:

A deep dive into on-chain data reveals a positive position for Cardano’s ADA, and JB encourages discussion on the analysis presented in the video.

Whales Holding:

JB expresses satisfaction with the number of whales holding over 1 million ADA, indicating a strong base.

Trading Caution:

JB reminds viewers to trade safely with tight stop losses, encouraging responsible trading practices.

Call to Action:

Viewers are urged to like, subscribe, and turn on notifications to support the channel, with a friendly sign-off wishing everyone a fantastic weekend

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