- ADA underperforms BTC and ETH at the moment of market rallies.
- Other top cryptos are trading volumes and liquidity is behind.
The crypto markets have been affected by several bullish forces that are driving prices higher. Cardano [ADA].
Unlike many of its competitors, ADA’s price chart is not bathed green. The Ethereum [ETH] The ETF hype coupled with the US House’s vote for an historic crypto bill has triggered a mini-bull run.
ADA’s current performance on the market
Monthly price of ADA chartBulls may be in an inactive phase, or they could just be consolidating. The potential of a bull run in the future could be still forming.
ADA traded near $0.4836 at the time this article was written, which is closer to the middle of recent trading range. This shows some resistance after the lower levels were tested earlier in the month.
ADA could confirm a positive trend if it maintains its support level above $0.43, and breaks through resistance at $0.60. However, if ADA is unable to stay above the support levels it may retest support zones as low as $0.4 or $0.38.
ADA is resilient
AMBCrypto’s Analysis of Coinglass data The trading volume of ADA has dropped by 21.54%. This usually means that there has been a decrease in trading activity.
Long/Short Ratios across different platforms show mixed emotions. Binance’s ADA/USDT ratio is notably more bullish for those who are long (3.8287) indicating a bullish attitude among the top traders.
The overall sentiment of the market is balanced and shows indecisiveness between the bulls. The relatively stable open market interest confirms that we believe the bulls are in a reassessment phase rather than a retreat.
The majority of the liquidations in the last 24 hours were on the short-side, meaning that the ADA plunge primarily impacted short sellers.
Cardano Fear and Greed further cements our analysis. Index The current investor sentiment is neutral at 44%.
Click Here to Read Cardano (ADA) Price Prediction 2024-25
Unfortunately, the social sentiment around ADA is low. This means there are fewer negative comments or discussions about ADA. Still, the market share of ADA remains relatively stable in comparison to other cryptocurrencies.
Overall, it seems that the ADA bulls are taking a break for now.
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Source: ambcrypto.com