Cardano (ADA) Explodes 52% in Critical Indicator: Details
08/21/2024 20:23Cardano bulls have returned as major ADA metric turns bullish
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Cardano (ADA) may finally end its consolidation period, as a critical indicator has turned bullish. The ADA price has been trading sideways in the past few weeks, with no prominent signs of gains. The price of ADA is currently trading at $0.3514 after a jump of 1.66%, according to CoinMarketCap.
While the price has surged slightly today, it has remained on the lower levels in the broader outlook. The price is down 18.45% in the last 30 days, showing the control of bears on the ADA market. Cardano appears to be in a make-or-break situation currently. It can either ignite a rally or continue its consolidation period.
However, the current sentiment seems to be shifting, and it appears that bulls are preparing to take control over the market. It is likely that the ADA price is getting ready for a major rebound to reach higher levels. Bulls are showing confidence in the coin, and they appear to be ready to shift the momentum.
Potential ADA price rally
The trading volume of ADA, according to Coinglass, has jumped 52.23% in the last 24 hours. Currently at the $324.47 million level, this rising trading activity further emphasizes the resurgence of bulls on the market. It is a major signal of the changing environment, and it looks like bullish sentiment is returning. As mentioned before, bulls are confident, and they have started to back ADA.
Another key metric of Cardano has turned bullish during this time. The RSI of the coin is currently at the 48.732 level, according to TradingView. This RSI range reveals that the buying activity is intensifying for ADA, which is injecting more optimistic sentiment onto the market. Moreover, this range of RSI typically results in a price rally in the short term.
About the author
Mushumir Butt
With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insight and communicative flair to the crypto space. Having penned countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and crypto newcomers alike.
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