- ADA’s price increased by more than 4% in the last 24 hours.
Most metric sand investor sentiment looked bullish on ADA.
As a researcher with extensive experience in the crypto market, I’m excited to see Cardano (ADA) performing exceptionally well in the last few hours. The token’s price surge of over 4% in the last 24 hours and its bullish chart pattern are noteworthy indicators of a potential rally.
As a researcher studying the cryptocurrency market, I’ve observed some noteworthy gains in Cardano‘s [ADA] value over the past few hours. These impressive performances have brought ADA close to a pivotal point, with the potential for it to break through the established bullish trend.
Cardano prepares for a rally
Recently, the well-known crypto analyst, World Of Charts, drew attention to a bullish development on Cardano’s (ADA) price chart through a tweet. According to the post, the ADA price touched the upper boundary line of a bullish flag formation.
If ADA manages to surpass that level with considerable strength, it could lead to substantial expansion in the near future. The implication from the tweet is that this milestone might even enable ADA to reach a value of one dollar within the next few weeks.
Cardano’s price performance supported this notion, as it stood out as one of the most significant gainers among the top ten cryptocurrencies. Based on data from CoinMarketCap, Cardano experienced a rise of over 4% within the past 24 hours.
Currently, ADA is priced at $0.4603 in the markets and boasts a market value exceeding $16.4 billion, placing it as the tenth largest cryptocurrency by capitalization.
The trading volume for the token increased by 74% in tandem with its price rise, typically indicating a favorable trend.
I analyzed the data from Santiment and found that the funding rate for ADA experienced a slight decrease on May 9th, according to their metrics. This could potentially be a factor contributing to the recent price uptick in ADA.
This was bullish, as prices generally move in the opposite direction from funding rates.
The speed at which ADA was utilized in given time period was considerable, indicated by a high velocity. Additionally, the MVRV (Market Value to Realized Value) ratio experienced significant enhancement due to the recent surge in ADA’s pricing.
What’s next for ADA?
In addition, investor faith in Cardano has grown noticeably within the past few hours based on our analysis of Santiment’s data. The sentiment score for ADA, which measures the overall emotional tone around the cryptocurrency, has shifted into positive territory.
This meant that bullish sentiment around the token increased.
Its Social Volume also spiked, reflecting a rise in the token’s popularity in the crypto space.
Some of the technical signals were encouraging as well. For example, the MACD line showed a bullish edge in the financial market.
As an analyst, I’ve noticed that the Relative Strength Index (RSI) for ADA has recently spiked upwards. This signifies a stronger buying pressure and could potentially lead to a breakout above the current bullish trendline.
Read Cardano’s [ADA] Price Prediction 2023-24
If a breakout happens, then the first test of ADA will be near its immediate resistance at $0.518.
The sudden decrease in the Chaikin Money Flow (CMF) indicator for ADA suggests that its recent bullish trend may weaken, potentially leading to a drop in price towards the support level of $0.43.
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2024-05-09 15:23