Cardano Goes Bullish On-Chain: Can ADA Price Catch Up?
19 Settembre 2024 - 1:30PM
NEWSBTC
Cardano shows mixed signals on the technical indicators, not to
mention the on-chain data. Despite bullish trends in the metrics,
ADA has been unable to gain significant price momentum. At the time
of writing, ADA is trading around $0.34, experiencing a slight 4%
dip in the past 24 hours, leaving investors wondering whether it’s
the right time to buy or wait. Related Reading: Bitcoin On Track
For $92,000 ‘Bounce’ In 3 Months, Analyst Predicts Speaking of
positive vibes, Cardano received a strong vote of confidence from
the crypto community. In a recent survey conducted by Weiss Crypto,
ADA won the title for the altcoin with the best technology,
receiving over 76% of the votes. This shows that, despite price
struggles, the community still believes in Cardano’s long-term
potential. Which #altcoin has the best tech? — Weiss Crypto
(@WeissCrypto) September 17, 2024 Bullish On-Chain Signals There’s
some hope shown for ADA holders based on on-chain data. Coinglass
reports that ADA’s Long/Short Ratio reads at 1.0167, meaning
traders are feeling pretty bullish. Futures Open Interest has grown
by 3% in the last 24 hours and has been up since the beginning of
September 2024. These kinds of signals tend to mean traders are
keeping their long positions, which can, by extension, set up the
environment for price increases. For ADA, CoinCodex predicts a
price rise of 16.53% and $0.405879 on October 19, 2024. On paper,
these are fairly optimistic projections; however, the market
sentiment and technicals overwhelmingly advise caution. Price
Struggles To Gather Steam Despite the bullish data on-chain, ADA
hasn’t managed to break out of the current range thus far. Even
with the optimism indicated by the Long/Short Ratio and growing
Futures Open Interest, ADA’s price is stuck at around $0.33.
Further stagnation in this sense can be supported by the bearish
sentiments presented within the wider crypto market that also
impacts its short-term performance. ADA has been unable to break
out from its present range even with the optimistic on-chain
statistics. The altcoin’s price stays fixed near $0.33 even with
the hope shown in the Long/Short Ratio and growing Futures Open
Interest. The pessimistic mood of the larger crypto market, which
has depressed its short-term performance, can help to explain this
stalemate. Market Sentiment Cautiously Neutral The overall market
sentiment remains neutral at 49, based on the Fear & Greed
Index, which indicates caution. Where ADA’s price is said to rise
in the coming weeks, most analysts are still advising one not to
buy the asset yet since better bullish signals need to appear in
the market first. Related Reading: SUI Climbs 36% Amid Bullish
Breakout – Is $1.50 The Next Target? The recent surge in whale
activity could also have a role to play—on September 17, these
massive crypto hodlers moved 19.5 billion ADA tokens, worth around
$6.48 billion, according to IntoTheBlock. Such large movements
often signal upcoming price changes, and investors are watching
closely. ADA: Community Confidence And Outlook With mixed technical
indicators, the community of Cardano is doing just fine. The Weiss
Crypto survey that shows ADA outperforming Ethereum and Solana,
among others, suggests the technological base of Cardano is solid.
Finally, though the on-chain metrics are bullish regarding Cardano,
general market conditions are quite dim. Its short-term movement is
pretty limited while there is hope in the community that the
altcoin will still be able to prove its mettle as it works its way
up the altcoin ladder. Featured image from Swyftx Learn, chart from
TradingView
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