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.
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.
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.
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.
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.
Cardano’s ADA is currently at 62 cents, showing an upward trend, but JB anticipates a pullback.
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.
JB expresses satisfaction with the number of whales holding over 1 million ADA, indicating a strong base.
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