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While the recent price surge is undoubtedly positive news for ADA holders, there are other aspects of the chart that deserve attention. Notably, theTypically, a rising asset backed by increasing volume is a more robust bullish sign, as it reflects broader consensus on the market. Conversely, an uptrend on decreasing volume might suggest that the move lacks substantial support and could be short-lived.
Adding to the concerns is the Relative Strength Index , which has hit a value of 79. Generally, an RSI value above 70 is considered overbought, suggesting that the asset might be due for a pullback or consolidation. With ADA's RSI nearing 80, traders should exercise caution, as this indicates the asset might be overextended in the short term.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.