a major price correction last week, one that pushed the token’s price down to $0.42. However, the scenario changed over the last 24 hours as its daily chart turned green. Ergo, the question – Does this indicate the beginning of a bull rally? One that Cardano has been planning for several weeks?ADA didn’t begin May on a good note as the bears took control of the token’s price.
It would seem that ADA has started to act similarly in 2023, with the crypto consolidating within a parallel channel before breaking out with a 72% surge. If the altcoin is finally done with its correction on the charts, one can expect ADA to initiate yet another bull rally. If that happens, the crypto will hit new heights soon.
Since the likelihood of a massive rally is high, this might be the right time to accumulate. And yet, the total amount of holders for Cardano remained flat over the last three months – A sign that new investors didn’t buy ADA.AMBCrypto then analyzed Santiment’s data to see whether metrics also hinted at history repeating itself. A bullish metric was the MVRV ratio, as it registered a steep uptick.
Whale activity around the token also remained high last week. Additionally, Cardano’s open interest hiked along with its price – A sign that a bullish uptrend could be sustained.However, unlike the aforementioned metrics, most technical indicators seemed bearish. For instance, the Money Flow Index registered a sharp decline. The Chaikin Money Flow also followed a similar trend.On the contrary, the MACD flashed a bullish crossover.
This was the case as at press time, only 35% of ADA investors were in profit, according to IntoTheBlock’sDipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.Subscribe to get it daily in your inbox.
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