- ADA’s staggering 25% surge in the last three days.
- Santiment’s data showcasing ADA’s historic price levels.
- The correlation between rising volume and ADA’s positive market indicators.
Cardano (ADA) has embarked on a significant uptrend, showcasing remarkable gains over the past three days that have reverberated across various market indicators. The crypto’s daily chart paints a compelling picture, revealing a steady uptick in value, with an astonishing surge of more than 25% within this short timeframe.
The latest insights from Santiment shed light on ADA’s performance, indicating that the current price level hasn’t been witnessed since June 2022. Moreover, the relative strength index (RSI) is sending signals, approaching the 90 mark—a testament to the robust uptrend. However, seasoned investors recognize that such peaks may hint at an imminent correction.
A closer look at the moving average convergence divergence (MACD) reinforces the strength of Cardano’s upward trajectory. Essential metrics further underscore the positive market sentiment. Santiment’s data reveals a notable spike in Cardano’s volume trend, surging to levels unseen in months, surpassing an impressive $2.7 billion on December 9.
The correlation between volume and price proves robust, as, at the time of writing, Cardano’s trading volume surpasses $2.4 billion. This symbiotic r
elationship between volume and price bodes well for ADA’s overall health in the market. Additionally, the active addresses chart over the last 7 days paints a compelling narrative. Approximately 88,000 new active accounts have been added since December 4, bringing the total active addresses to nearly 300,000.
Cardano’s social dominance has also experienced a noteworthy surge, reaching approximately 3.7% on December 9, though it tempered to around 2.9% at the time of this report. The surge in these metrics underscores the prevailing positive trend for ADA.
A glance at Cardano’s funding rate on Coinglass provides further insights into investor sentiment. The funding rate surged to around 0.04% on December 9, signaling a shift from high optimism to a more cautious outlook. This nuanced perspective suggests that while a majority of traders are optimistic about potential price increases, a significant portion is adopting a more measured approach.
As Cardano continues its meteoric rise, market participants keenly observe whether this uptrend will sustain its momentum or if a correction looms on the horizon. The crypto landscape remains dynamic, and Cardano’s recent performance adds another layer of intrigue to the unfolding narrative.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.