- Cardano price increased by more than 6% over the past seven days
- The majority of metrics and indicators appeared to favor a bullish break out
Cardano [ADA] The bulls made a recent comeback, since both the daily and weekly charts for this token were in green as of press time. If the most recent data are taken into consideration, the situation could get better as bullish patterns seem to appear on the chart. This rally could push ADA by double digits.
Cardano turns bullish
Cardano’s market cap has dropped significantly in the past few months. Due to the price drop, 66% of ADA’s investors lost money.
However, IntoTheBlock’s data Long-term investors continue to be confident about Cardano. The fact that almost 70% of ADA token holders hold the token for longer than a calendar year can support this assertion.
The long-term confidence of ADA chart holders has started to show as the charts are now green.
The following is a list of CoinMarketCapCardano has seen its price increase by over 6% within the past seven days, and more than 2% during the last 24-hour period. ADA’s price was $0.397 at the time we wrote this, with a value of more than $14.2 Billion.
A bullish wedge pattern appeared on the chart of the token, which also hinted at better news.
ADA has been consolidating within this pattern since mid-April. The price has recently risen and it appears that this pattern is about to break.
Investors in ADA could witness a huge bullish rally up to $0.61 if the breakout occurs. If ADA is able to break above this level, it could allow ADA a retest of its high from March at $0.79.
A breakout is inevitable.
AMBCrypto looked then at Cardano’s on-chain to determine if they supported the idea of a bullish break out. According to our analysis of Santiment’s data, ADA’s 1-day volatility began moving up following a steep decline.
MVRV also showed a significant improvement, indicating a bullish trend.
Moreover, the open interest of this product rose along with its prices. An increase in this indicator usually indicates that there is a high probability of the current price trend continuing.
Nevertheless, as of press time, ADA has not yet released its final report. fear and greed index The market was neutral, which meant that it could go either way.
Is your portfolio green? Have you checked out your portfolio? Cardano Profit Calculator
MACD on the other hand, showed a crossover in favor of bulls. ADA’s Relative Strength Index registered a strong uptick as well, which suggests that ADA is more likely to continue its rally. This could end in a break out from the falling wedge.
Nevertheless, Chaikin Money Flows (CMFs) became bearish when they headed to the south.
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Source: ambcrypto.com