- ADA’s price has increased more than 6% over the past seven days.
- The sentiment of the market around ADA is bullish. A few indicators, however, are still bearish.
While top cryptos like Bitcoin [BTC] They struggled to increase their prices. Cardano [ADA], The other had another plan. It was green on both the daily and weekly charts.
If the most recent data are to be taken into consideration, this could be just the start of a bull market.
Cardano bulls have arrived!
CoinMarketCap’s data ADA’s performance in the seven-day period was higher than 6%. The bulls have continued to be dominant in the past 24 hours as the daily chart has remained green.
ADA, at the time this was written, traded for $0.4151. Its market cap is over $14.8 Billion. However, the recent rise in prices was not enough for most investors to profit.
Our review of IntoTheBlock dataOnly 31% of ADA Investors were “in the money” As of the date this was written. This trend could change as the chart of this token shows a bullish pattern.
World of Charts is a well-known crypto analyst. tweet Highlighting a falling wedge bullish pattern.
Cardano has been consolidating within the pattern ever since February. At the time of press, Cardano showed signs that it could break out. If it happens, ADA may reach $0.80 very soon.
Are we ready for a ADA breakout?
AMBCrypto had planned on examining ADA’s chain data in order to determine if it supported a possible bullish breakout.
Our analysis revealed that Santiment’s data showed that ADA’s MVRV Ratio improved considerably in the last one month. We can therefore interpret this as a bullish sign.
The 30th June saw a significant increase in Its Velocity, which means that ADA transactions were more frequent within a certain time frame.
Weighted sentiment also showed a positive trend, indicating that investors’ confidence was high in ADA. Bullish sentiment towards the token increased.
Cardano chart daily was then examined to determine what indicators of the market suggest. Chaikin Money Flows (CMFs) showed an upward trend, indicating a possible price increase in the near future.
The Relative Strength Index went down. ADA had reached the Bollinger Bands’ upper limit. This often leads to price corrections.
Is your portfolio green? Have you checked out your portfolio? ADA Profit Calculator
AMBCrypto’s analysis of Hyblock Capityal’s data showed that Cardano’s value could fall to $0.37, if the bears were to take control.
The token can reach up to $0.80 by the end of July if it manages to maintain its bull run.
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Source: ambcrypto.com