Cardano rides on the wave of renewed optimism in the Altcoin market, and that drives its course up. ADA rose from $ 0.72 to over $ 0.83 this week alone. This is particularly thanks to the recent increase in Bitcoin. Just as the market leader develops, the rest of the pack develops.
A sign of the growing interest in Cardano is the strong increase in AdA/JPY trade volume. This couple reached a volume of $ 121.5 million within 24 hours and is therefore the second most common ADA couple worldwide.
Kryptoanalyst Drini is of the opinionthat ADA can rise to eight to $ 14 in the upcoming bull cycle, based on the current market dominance and historical patterns. According to Drini, the entire crypto market capitalization could reach $ 6.5 trillion.
During the last cycle, Cardano’s market dominance achieved a peak of 4.5%. If one applies the same percentage to a total capitalization of $ 6.5 trillion, the market capitalization of ADA is $ 292.5 billion, which corresponds to $ 8 per ADA. If the crypto market grows to $ 10 trillion – which is quite possible, the question is only, when – could Cardano increase up to $ 14, with a market capitalization of $ 450 billion, says Drini.
He emphasized that these forecasts are based on data and trend analyzes and not on speculation fantasies. Cardano would have to recapture its former market share if the market capitalization grows.
Another analyst, Dan Gambardello, closed itself of optimistic opinion. He referred to the MACD indicator, which shows a strong momentum both in the weekly and on Monthly Chart. Similar patterns were preceded by Ada’s last major outbreak, which increases the expectation of another rally.
After a week -long sideways movement, Cardano broke out of a falling wedge pattern. This classic reversal signal triggered a strong increase over $ 0.80. According to the analyst Jimmyx Now strives for $ 0.9508, followed by $ 1.0295 and $ 1.1316.
Ada also confirmed an inverse head and shoulder pattern, a reliable positive setup. However, the course is now encountering resistance on the sliding 200-day average. A clean breakthrough through this brand could trigger further price gains. If this brand is not broken, there could be a setback between $ 0.65 and $ 0.58.
The one-dollar brand is psychologically aware. A breakthrough could open the door to further resistance at 1.20 and 1.25. Investors’ interest supports this advance, since the open interest for ADA futures increases by 27% within 48 hours. In anticipation of a continuing upward trend, retailers have invested 1.2 billion ADA worth around $ 958 million in Futures contracts.
Data from Coinglass show that the open interest for ADA on May 21 and 22 from May 902.27 rose to $ 958.05 million. This 25% growth follows a low of 715.01 million in early May and shows the new market activity.
The open interest measures active futures or option contracts and indicates how much capital flows into the derivative market of a certain financial value. Increasing open positions indicate that investors open up new positions rather than close.
The long/short ratio is currently almost balanced with 50.29% long and 49.71% short positions. The approximate parity indicates two opinion camps, but the increase in the open interest suggests the expectation of high volatility among the dealers.
Investor behavior also changes.How CNF reported, ADA worth almost $ 1 billion has been deducted from the central stock exchanges this year so far . This indicates that the owners rely on long -term profits.
These drains fall with the growing interest in one There-ethf together. It is still in the early stages of the discussion, but it could offer mainstream engagement and further increase demand.
Market observers continue to focus on the influence of Bitcoin on ADA. While Bitcoin reaches new highs, old coins like Cardano follow this example. When the dynamics stop and important resistance levels are broken, could ada a continued increase towards its ATH of $ 3.10 start.
Cardano last reached the $ 3.1 in September 2021. Today, Ada is $ 0.8 $ 71% below.
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