Cardano Gets Ready To Rally And ADA Could Embrace Bulls

It’s been just revealed that the analytics company Santiment said that one on-chain metric hints at the fact that Cardano reached an opportune price level for ADA bulls.

According to the latest reports, the firm addresses Cardano’s market value to realized value (MVRV).

Just in case you don’t know, this shows the average profit or loss of all coins in circulation at a given price. More than that, it can be used to suggest price reversals.

Cardano’s MVRV is at a bullish level

Santiment notes that Cardano’s MVRV is at a level that has historically been a bullish turning point for ADA.

“Cardano’s average trading returns on the 30-day mid-term interval has fallen below -15%. This is historically an MVRV level when ADA and many other altcoins see at least a short turnaround in prices to alleviate the losses mounting on networks.”

Cardano could be in a position to rally, according to what the analytics firm said. They also said that crypto, in general, remains at the mercy of the stock market for now.

Santiment says that crypto markets may have to weather the correlation until the Federal Open Market Committee (FOMC) meeting next month.

“A trend that may continue until the next FOMC meeting in May, crypto markets remain firmly entrenched in the same price patterns as the SP500 and equities markets. The Fed recently announced that a half-point interest rate hike is likely.”

Santiment also explained that it is checking out the rise of whale activity in stablecoin TrueUSD (TUSD), indicating that deep-pocketed investors are accumulating BTC.

“TrueUSD, crypto’s 6th largest stablecoin, is seeing a spike in whale transactions today. The past six hours has been one of the 10 largest stretches in $100k+ transactions this year. Historically, whale transaction spikes are a sign of accumulation.”

Stay tuned for more news, and make sure to check out the crypto market as well.