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In just the first four days of the year, Cardano (ADA) experienced variable price movements over two days. Was this price movement enough to shift sentiment from positive to negative? Cardano made a promising start to 2024 on January 1st with an increase of more than 5%, reaching a trading value above $0.60. However, this gain was quickly lost in the following days.
Current Charts for ADA
A detailed analysis of the daily timeline chart revealed a loss of over 2.9% on January 2nd and approximately 8% on January 3rd. The decline on January 2nd was linked to the general market downturn of recent times. The Moving Average Convergence Divergence (MACD) consistently indicated a bearish trend below zero for ADA. Additionally, the Relative Strength Index (RSI) initially remained above the neutral line.
However, with the recent price drop, both RSI and MACD could now indicate a downward trend. At the time of this update, the RSI had marginally fallen below the neutral line. Furthermore, ADA reflected a 1.6% increase, trading around $0.56. Upon examining the volume chart from crypto analytics firm Santiment, significant activity was observed amidst price volatility. Around January 1st, the volume was about $400 million and rose above $1 billion on January 3rd.
Funding Rate for ADA
As of the latest update, the volume had nearly reached $1.2 billion. The volume trend could indicate a significant increase in ADA sales over the last two days, pointing to a selling wave. This inference can be drawn from the correlation between the cryptocurrency’s price direction and increasing volume. If the price of the altcoin had risen along with the volume, it could signal a trend of accumulation. The analysis of Cardano’s funding rate showed that it remained consistently positive despite price fluctuations. On January 2nd, the funding rate was around 0.07% according to Coinglass.
This situation indicated that most traders remained optimistic about a potential price increase despite the ongoing decline. However, the significant drop in price affected this sentiment, causing the funding rate to fall to around 0.03% on January 3rd. As of the last update, the funding rate had further decreased to approximately 0.009%. This could suggest that optimism among investors has visibly decreased, even though the positive atmosphere continues.
