{"id":9304,"date":"2024-09-25T10:40:32","date_gmt":"2024-09-25T10:40:32","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9304"},"modified":"2024-09-25T10:40:32","modified_gmt":"2024-09-25T10:40:32","slug":"cardano-reaches-1-month-high-3-bullish-signs-point-to-a-potential-ada-bull-run","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9304","title":{"rendered":"Cardano Reaches 1-Month High: 3 Bullish Signs Point to a Potential ADA Bull Run"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

ADA\u2019s price surged to almost $0.40, potentially driven by positive metrics such as an increase in large transactions.
\nHowever, its RSI recently spiked to 81, suggesting overbought conditions and a potential correction despite predictions of further rallies from analysts.<\/p>\n

<\/a><\/span><\/h2>\n

ADA\u2019s Resurgence<\/h2>\n

Cardano\u2019s ADA has been among the top-performing leading digital assets in the last 24 hours, with its price hitting a one-month peak of over $0.39. Its market capitalization pumped to $14 billion (and retraced a bit since), making it the 11th-largest cryptocurrency.\u00a0<\/span><\/p>\n

<\/a>ADA Price, Source: CoinGecko<\/p>\n

Its revival aligns with three important metrics that have <\/span>been on the rise<\/span>. The first (somewhat expectedly) is the \u201cIn the Money\u201d indicator, which, <\/span>according<\/span><\/a> to IntoTheBlock, is up 10.5% <\/span>on a daily scale<\/span>. It measures the change of ADA investors currently sitting on paper profits. <\/span>As of now<\/span>, 31% of those are in the green, while 66% are underwater.<\/span><\/p>\n

The stats looked much worse during the crypto market crash at the beginning of August. Back then, ADA\u2019s price <\/span>plummeted<\/span><\/a> to a seven-month low of $0.27, while only 0.35% of its holders were sitting on some profits on their initial investments.\u00a0<\/span><\/p>\n

The second bullish factor is the large transaction volume (where each on-chain ADA transaction exceeds $100,000). The figure reached $6.6 billion on September 25, representing a 12% increase in <\/span>24 hours.<\/span><\/p>\n

Last but not least<\/span>, we will focus on ADA\u2019s NVT (network value to transactions) ratio. The metric is currently <\/span>set<\/span><\/a> at around 2.7, which is considered low. It indicates that the token is undervalued and, hence, ready for a potential rally.<\/span><\/p>\n

One <\/span>popular<\/span> analyst who recently <\/span>predicted<\/span><\/a> a further pump for Cardano\u2019s native token is the X user CryptoBullet. The trader expects the price to reach a lower high of around $1.80 sometime next year. However, they assumed it may later head south to roughly $0.15.<\/span><\/p>\n

The Bearish Element<\/span><\/h2>\n

Conversely, ADA\u2019s Relative Strength Index (RSI) suggests the asset could <\/span>be poised<\/span> for an imminent correction. The analysis tool measures the change and speed of price movements, varying from 0 to 100.<\/span><\/p>\n

Readings above 70 signal that the token might be overbought, while anything below 30 <\/span>is considered<\/span> bullish since it indicates oversold conditions. <\/span>Currently,<\/span> the RSI is <\/span>hovering<\/span><\/a> around 70, briefly spiking to 81 on September 24.<\/span><\/p>\n

The post Cardano Reaches 1-Month High: 3 Bullish Signs Point to a Potential ADA Bull Run<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR ADA\u2019s price surged to almost $0.40, potentially driven by positive metrics such as an increase in large transactions. However, its RSI recently spiked to 81, suggesting overbought conditions and a potential correction despite predictions of further rallies from analysts. ADA\u2019s Resurgence Cardano\u2019s ADA has been among the top-performing leading digital assets in the last […]<\/p>\n","protected":false},"author":0,"featured_media":9305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9304"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9304"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9305"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}