Cardano (ADA) has recently been on an uptrend and has witnessed more significant increases in the last three days. These sudden increases have also affected many other essential measurements. Cardano’s daily chart showed a consistent uptrend in the last few days. The analysis revealed that its value increased by more than 25% only in the last three days.
ADA Report from Santiment
According to the latest data from Santiment, this price level for ADA has not been observed since June 2022. In addition, the relative strength index (RSI) showed that ADA approached 90. This situation points to the strongest uptrend in a significant period, but it can also indicate a potential price correction.
Additionally, the moving average convergence divergence (MACD) supports the strength of the ongoing uptrend. Various other fundamental measurements further highlight the positivity of the current market trend. When the Cardano volume trend at Santiment was examined, a notable increase was observed. The chart shows that the daily volume has risen to levels not seen for months and exceeded 2.7 billion dollars on December 9.
Rising Metrics in ADA
At the time of writing, the crypto unit’s volume exceeded 2.4 billion dollars. This situation showed a strong correlation between volume and price, which is a healthy trend for ADA. Also, the active addresses chart in the last 7 days showed a significant uptrend. The chart analysis showed that approximately 88,000 active accounts were added from December 4 to the present. With this addition, the total number of active addresses nearly reached 300,000. Additionally, Cardano’s social dominance also experienced a significant increase. The value rose to about 3.7% on December 9, but it dropped to around 2.9% when this article was written.
The increase in the mentioned measurements underlines the prevailing positive trend for ADA. Cardano’s funding rate at Coinglass showed that investor sentiment shifted from high optimism to a more cautious outlook. The chart reveals that the funding rate rose to around 0.04% on December 9. This situation indicates that while the majority of traders are optimistic about potential price increases, a significant part is also cautious in their approach.
