Cardano (ADA) shows promising signs of continued growth as its network adoption expands. The recent price surge, coupled with positive on-chain indicators, suggests a bullish outlook for the altcoin.
Cardano ( ADA ) is showing signs of potential for further growth as its network adoption increases. The cryptocurrency recently experienced a significant upswing, surging from $0.50 to a local high of $0.82, representing a 64% increase. This rally enabled ADA to reclaim its crucial support level of $0.7. At the time of writing, Cardano was trading at $0.73, marking a 7.17% increase on daily charts. Despite this price recovery, ADA had previously faced a downward trend, shedding 21.
93% on weekly charts. However, the sustained demand from investors amidst this volatility suggests optimism about the altcoin's future. The question remains whether ADA can maintain these gains and embark on a substantial upward movement. AMBCrypto's analysis indicates that Cardano is experiencing strong buying pressure at the current market moment, as the upward momentum strengthens. This buying pressure is evident in the Chaikin Money Flow (CMF) metric, which has surged from negative territory to 0.11 over the past day. The CMF spike signifies that buy volume is exceeding sell volume, pointing towards increased accumulation.Furthermore, Cardano's 90-day Adjusted RVT declined to 1.39 at press time, indicating that more ADA is being transacted on-chain relative to its market capitalization, reflecting a bullish sentiment. This decline implies that the Cardano network is witnessing high activity levels, signaling growing adoption and increased accumulation. This bullishness and growing accumulation are further supported by a declining Net Value to Transactions (NVT) ratio, which has dropped to 1.4. When this ratio falls, coupled with an RVT above 1 and below 2, it signals a higher adoption rate and expanding network activity. Finally, Cardano's Funding Rate (weighted volume) has turned positive over the past day after dipping into negative territory following the recent crash. This recovery in Funding Rate suggests that investors are becoming more bullish as they are willing to pay a premium fee to hold their trades, anticipating a rebound in prices. As observed, Cardano is experiencing a strong upward momentum. If the Stoch RSI finally executes a crossover, it will validate and confirm the continuation of the uptrend. Therefore, with ADA firmly holding above $0.7, its next significant resistance lies around $0.8. If the momentum built over the past day persists, the altcoin will likely breach this level and attempt to reach $0.96. However, given the altcoin's high volatility, a correction could see ADA drop back to its critical support level of $0.701
Cardano ADA Cryptocurrency Price Surge Network Adoption Bullish Momentum On-Chain Indicators Trading Analysis
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