- Cardano could hit $2.47, but only if it can break free from the clutches of $1.09 like some kind of crypto escape artist. Houdini, eat your heart out!
- Apparently, Cardano’s network is buzzing with activity like a beehive full of caffeinated honeybees. 🐝
Cardano [ADA] is currently hanging out at 0.996, a mere 2% bump in the last 24 hours. 📈 But don’t let those measly gains fool you, because the trading volumes are down like a sad clown at a birthday party. 🤡 They’ve shrunk by a whopping 40% to $1.4 billion, which is basically a whisper in the vast, echoing expanse of the cryptocurrency market. 🤫
Despite this brief moment of glory, Cardano’s market capitalization has taken a nosedive. 📉 It’s down 14% in the past week, a painful reminder that even the best-looking crypto can experience the dreaded “market correction”. 🤕 The buying pressure is weak, like a tired kitten trying to climb a tree. 😹 More volumes are needed, like a shot of espresso for a sleepy crypto enthusiast. ☕
But wait, there’s hope! 👼 The weekly chart is hinting at an upcoming rally, like a secret message whispered in the wind. 🌬️
Long-term trend hints at incoming rally
ADA’s weekly chart is whispering sweet nothings, promising a rally to $2.47 if it follows the script of past price patterns. 🔮
After completing an ascending parallel channel last year, ADA is now stuck in a period of consolidation, with resistance at $1.09 acting like a gatekeeper. 🔒
This pattern mirrors ADA’s behavior in 2021, where its rally came to a screeching halt after a spectacular rise. It traded in a consolidation phase for weeks, until it broke out and rocketed over 200% to $2.47 within just two weeks. 🚀
The Relative Strength Index (RSI) at 62 indicates that ADA is cooling off after being overbought. It’s like a caffeinated squirrel finally settling down for a nap. 🐿️ However, the sellers are still outnumbered by buyers, which suggests that some traders are still holding onto their hope and dreams of a rally. 🤞
ADA’s Moving Average Convergence Divergence (MACD) further shows that even with reduced buying volumes, the momentum remains bullish. 🐂
Rising network activity could fuel the rally
Activity on the Cardano network is on the rise, like a swarm of bees heading toward a honey pot. 🐝
Per Santiment, the daily active addresses on the network reached 50,828 earlier this week, suggesting that the network is getting more popular, or maybe just more people are trading. 📈
However, despite the increasing number of addresses, data from DeFiLlama showed a drop in Cardano’s Total Value Locked (TVL) to $518M. 📉 It’s like a party that’s started to wind down, with fewer people showing up to the dance floor. 💃
Short traders dominate the market
Data from Coinglass reveals a surge in short positions, like a swarm of vultures circling a carcass. 🦅 In fact, the coin’s Long/Short Ratio has dropped to 0.824, the lowest level in over a month. 📉
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2025-01-22 17:43