Is it Too Late for Cardano to Record a Fresh Rally? Early RCOF Investors Eye Potential Gains
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To many investors, the Cardano price is a subject of both hope and anguish due to the recent price movements of the token. At one point, Cardano (ADA) was considered one of the most promising “Ethereum killers,” but it failed to repeat the successes of 2021.
The once meteoric climb now feels like a thing of the past, as ADA is pressured by the emergence of newer and faster altcoins that are starting to encroach on its territory.
One of the rivals is RCO Finance (RCOF), which has attracted attention and significant investment. Is it too late for the next ADA rally, or is there still time to catch a ride on Cardano’s next wave?
Cardano has struggled to break free from bearish pressure in recent weeks. A key resistance level is around $0.39, which has been difficult for the altcoin to surpass.
The In/Out of Money Around Price (IOMAP) model identifies this area as a crucial zone, in which more than 160 thousand addresses have a large share of Cardano – more than 2 billion coins. Such a high percentage of out-of-the-money holders could result in a possible selloff as traders seek to cut their losses.
However, the Cardano price analysis has a bearish triangle formation, which means that the recent downward movement may be about to reverse. If there is bullish pressure, Cardano may reach $0.4.
If bulls can break the $0.4 barrier, the next support level is $0.5, which was reached in April briefly this year. The community views these technical indicators as signs of potential long-term growth and is optimistic about the future of Cardano’s
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