- If historical data are anything to go on, ADA could be priced at more than $0.80.
- The OI and the liquidations indicated a first decline of below $0.46
If history shapes our future, we can say that Cardano’s [ADA] Price could jump up to 75% in a very short time. AMBCrypto came to this conclusion following examining Ratio of Market Value to Realizable Value
Cardano MVRV reached 22.04% in the 30-day period ending 18 April. Last time this metric reached a similar level, ADA climbed from $0.45 $0.72. Back in January.
Soon, floodgates will be opening
Cardano did not make this kind of move only in January. In October of 2023, ADA also jumped up from $0.24 per ADA to $0.43 per ADA after a trend similar appeared in the MVRV.
The value of cryptocurrency has dropped by 23.6% in the past 30 days. In light of Bitcoin [BTC]‘s halving, the price followed other altcoins’ direction and jumped.
As of the time we went to press, ADA’s value was $0.46 thanks to a 3.41% increase in 24 hours. Cardano’s reaction to the completed halving is not yet known.
ADA traded at $0.04 the day before the third halving of 2020. It rose to $0.08 a few weeks later. A similar event could occur. scenario The token price may be $0.80-$0.92 by June’s end.
ADA could, however, stall before the mid-term and fluctuate from $0.45 to $ 0.48. Due to the indications The volume is the best indicator.
ADA volume at the time of this writing was $542.97 Million. This was an improvement, but it wasn’t enough to maintain Cardano on a steady upward trend.
If the price of ADA increases, and the volume exceeds $1 billion, then the value could rise to $0.50. But a falling volume can also increase the value. pull down The value could drop to as low as $0.43.
The road to success won’t always be straight
Open Interest (OI) was another metric AMBCrypto evaluated. OI increases or decreases based upon net positions. The increase in OI indicates that the buyers have become more aggressive. A decreasing OI indicates that sellers are aggressive.
Cardano’s OI, however, was not enough to cause a pump. ADA may therefore be in a sideways trend for a few days until the expected rally occurs.
In the meantime, there have been contracts valued at $1.31 Million. liquidated In the last 24 hour. 773 million of the total were longs, while 534 million was shorts.
A liquidation occurs when the trader is forced to close their position due to high leverage, or a lack of margin. Liquidations are important because they can affect price trends. Trading perspective: large OIs and liquidations of short positions could push a cryptocurrency’s price up to the overhead resistance. But, ADA had higher long liquidation.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-2025
If combined with small OIs, the price may drop into the base support. The potential surge of 75% could happen later, after Cardano drops below $0.46.
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Source: ambcrypto.com