Reasons why Cardano [ADA] can soon beat the bears in the market

ADA’s price action was bearish in the last 24 hours. A trend reversal was possible, as market indicators were bullish. Input Output Global (IOG), Cardano’s [ADA] developer, recently announced that its proof-of-concept EVM sidechain public testnet went live for developers to begin testing. This latest launch will allow developers to connect their wallets, transfer test […]

After the launch, ADA’s price gained upward momentum as its weekly price increased by more than 10%. According to, at the time of writing, ADA was trading at $0.3936 with a market capitalization of over $13.6 billion.

However, the bullish sentiment changed in the last 24 hours, as ADA’s daily chart was red. A look at ADA’s on-chain metrics revealed a few factors that might have played a role in the recent downtrend., ADA’s development activity declined, which was a negative signal. Its MVRV Ratio also registered a downtick.

Moreover, ADA’s weighted sentiments were also negative. Thus, reflecting bearish sentiment in the market. ’s Binance funding rate also plummeted in the last few days, but it managed to regain its demand from the derivatives market, which was a positive update.Though the last 24 hours did not align with the best interests of investors, the coming days can bring good news, as suggested by several of the market indicators.’s Relative Strength Index and Chaikin Money Flow both registered slight upticks and were headed further above the neutral mark, which was bullish.

The Exponential Moving Average Ribbon also remained bullish as the 20-day EMA was well above the 55-day EMA.Subscribe to get it daily in your inbox.

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