Primarily in Bitcoin (BTC) and other major cryptocurrencies, bulls strive for price increases while bears continue to pull the market down. Despite this, things might be better than expected for Cardano (ADA). ADA experienced a slight drop in daily charts but remains positive in weekly charts, which could trigger a bull run.
Cardano (ADA) Comments?
According to data from CoinMarketCap, ADA’s 6% rise in the last 7 days stands out. However, the positive daily chart turned negative due to BTC falling below $61,000 again.
At the time of writing, ADA’s market cap is $14.5 billion, trading at $0.4059. The trading volume also rose in parallel with the market, reaching $329 million after a 25% increase in the last 24 hours.
IntoTheBlock data showed that only 31% of ADA investors were still profitable at the time of writing. Renowned market analyst World of Chart’s also made positive comments about ADA.
The analyst noted that ADA has been moving within a specific formation since February and currently has a breakout potential. If this happens, ADA could return to $0.80.
Will ADA Rise?
ADA’s on-chain data also revealed important information. Data from Santiment showed that ADA’s MVRV ratio turned positive, which could be seen as a bullish signal.
ADA’s network speed increased as of June 30, indicating that the ADA network is being used more frequently. There were also views that the noticeable increase in confidence towards ADA could significantly impact its price.
The Chaikin Money Flow (CMF), which shows the capital entering Cardano (ADA), appeared positive. This could be interpreted as an indicator of a potential price increase in the future, although not certain.
However, the drop in the Relative Strength Index (RSI) was causing concern. Another important factor for ADA was the intersection of candles with the upper regions of the Bollinger Bands. Such situations in the market are known to potentially bring a correction.
On the other hand, in the event of a possible decline, the $0.37 level, which has a high liquidity pool, could be revisited. If Bitcoin experiences a rally and the general market rises, ADA aims to reach $0.80 by July.
