- ADA’s price increased by more than 6% in the last seven days.
Market sentiment around ADA turned bullish, but a few indicators were bearish.
As a seasoned analyst, I’ve seen my fair share of market trends and price movements in the cryptocurrency space. And based on my analysis of Cardano (ADA) over the last week, I believe we are witnessing the early stages of a significant bull run.
As Bitcoin and other leading cryptocurrencies faced challenges in increasing their values, Cardano distinguished itself with a contrasting trend. Its daily and weekly charts displayed a noteworthy green hue.
Based on the most recent information available, it seems that we may be witnessing the early stages of a significant bull market rally.
Cardano bulls are here
As a researcher examining cryptocurrency market trends, I discovered that Cardano (ADA) experienced a growth of over 6% within the past week according to CoinMarketCap’s data. Moreover, in the last 24 hours, the bullish trend persisted with a consistently green daily chart.
Currently, ADA is priced at $0.4151 during my writing, and its market value exceeds $14.8 billion. Yet, this latest price surge has failed to generate substantial returns for most investors.
According to IntoTheBlock’s analysis, approximately 31% of ADA investors were profitable at the point of observation. Nevertheless, there are indications of an uptrend in the token’s price chart, which could potentially result in more investors moving into profitability.
Recently on Twitter, the well-known crypto analyst World of Charts drew attention to a bullish trend indicated by a falling wedge formation in the market.
Significantly, Cardano has been confined to this pattern since February. At the moment, it’s displaying signs of a possible breakout. Should this occur, the price of ADA could reach $0.80 relatively soon.
Is the ADA ready for a breakout?
As a researcher investigating the potential for a bullish breakout in Cardano’s (ADA) cryptocurrency, I intended to explore its on-chain data for insights.
Based on Santiment’s data findings, we identified a significant enhancement in ADA‘s MVRV ratio over the past month, indicating a potential bullish trend for this cryptocurrency.
As an analyst, I’ve noticed an uptick in the velocity of ADA transactions on June 30th. This signifies an increase in the frequency of ADA being employed in transactions over a specific period.
The feeling among investors towards ADA was optimistic, as indicated by a shift in its Weighted Sentiment to the positive side. This improvement reflected an increase in favorable views regarding the token.
To better understand Cardano’s future price trend, we examined its daily chart and evaluated the market signals. The Chaikin Money Flow (CMF) indicator indicated a positive surge, suggesting that the price increase may persist in the near term.
The RSI for ADA took a downturn, while its price reached the maximum level within the Bollinger Bands. This occurrence typically precedes price adjustments.
According to AMBCrypto’s examination of Hyblock Capital’s market data, a bearish market trend could potentially cause Cardano’s price to fall as low as $0.37.
However, if the token manages to sustain its bull rally, then ADA can easily touch $0.80 in July.
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2024-07-03 18:16