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04/22/2024

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Cardano begins the week on a promising note

Cardano’s ADA has been up by 2.01% in the last 24 hours and is listed at $0.5113 when articulating this piece. Many in the Cardano community have tagged this as a promising start. What holds them back is the...

Cardano begins the week on a promising note
Cardano begins the week on a promising note

Cardano’s ADA has been up by 2.01% in the last 24 hours and is listed at $0.5113 when articulating this piece. Many in the Cardano community have tagged this as a promising start. What holds them back is the potential for it to sustain the momentum. The current rise comes after the previous one, which saw big losses in value. The RSI reflects a drop below the neutral line. So, ADA has a long way to go before it can commit to a bigger milestone.

The rise in the value of ADA began effective April 18, 2024. It got carried forward for the token to end the week at $0.50 as of April 20, 2024. That was an 8.3% increase for a solid end to the week.

But not all that shines is Gold – this pretty much sums up Cardano’s current condition. The rise in value lacks convincing power and is struggling to get far away from bearish trends. It is safe to assume that the modest increase must go on before ADA can enter the bull run. Staying below the neutral line on the Relative Strength Index shows that the token does not hold on to its positive momentum – which comes out in a bearish tone.

Adding to that is the stability of Cardano’s volume. Stability does not necessarily bring happy tunes here, as there is an obvious disparity between price movement and investor activities. An ideal milestone is $500 million, but the volume has exceeded that. The volume rose to $1.3 billion but has now fallen to $402 million.

That is the same inconsistency that has pointed to the ongoing issue of sustainability in the price trend of ADA. It could be because of a lack of participation by investors. There has also been a significant drop in the open interest of Cardano. It was previously recorded at $400 million on April 10, 2024, before dropping the beat to $216.6 million at the moment. It is very likely to reflect that there is a drop in the cash flow of ADA.

The increase in interest, if any, has been slight and not massive. Optimism is still evident for ADA in the times to come. ADA price prediction estimates that the token will end in 2024 at $0.97. Alternatively, it could touch the mark of $0.64 before entering the next year. The mark of $0.97 is rather more desirable, considering ADA is at $0.5113 right now. The higher the jump, the better it proves to be worth it.

24-hour volume is down by 11.05%, and the Market Cap is up by 2.02% when writing this article. There are signs of recovery for ADA as the price rises, but it will have to be more obvious regarding better RSI and volume numbers.

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David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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