- The improving community mood and the technical indicators indicate that Cardano’s course could increase 20% at short notice.
- Despite the positive mood, the activity on the chain is still weak – investors should be careful to overestimate the immediate profits.
Cardano (ADA) has recently experienced a remarkable upswing, whereby its course rose by 13.5% in March after it had fallen by 32% in February. As CNF reported, the cardano course in March had a two -time recovery.
According to Santiment, an on-chain-intelligence platform, the social media mood for Cardano has reached the highest value in four months. This increase is partly due to the latest comments from the US stock exchange supervision SEC, which classified the application of Cardano as “Smart Contracts for Governance”.
Such a positive social mood often goes hand in hand with increased commercial activity and can precede price increases. Ripple CEO Brad Garlinghouse commented:
“This is – the moment we have been waiting for. The SEC will drop your appointment – a resounding success for Ripple, for crypto, in every respect.
The future is secured. Let’s design them. “
Technical indicators indicate an outbreak
From a technical point of view, ADA has been traded within a span of $ 0.78 to $ 0.70 in the last ten days. Despite the latest downlinking, ADA has retained the support from an ascending trend line, while it oscillated within a parallel channel.
The immediate resistance is $ 0.78 in the upper area of the trading range and is supported by the exponential moving 200-day average (200-Dema). A positive daily financial statements above the 200-DEMA could signal an interest bully turn and trigger a movement over $ 0.78.
Beware of everything optimism
Although the increase in the social mood and the cheap technical indicators are promising, these signals should be enjoyed with caution. Historical patterns indicate that Cardano has shown a continued sideways movement, which could limit direct profits.
In addition, despite the positive mood in society, the activity on the chain did not reflect this enthusiasm. Data from Cardanoscan.io show that the average number of transactions has decreased by about 70 % compared to November 2024, with the number of transactions on March 18 26,437.
The perspectives of the market analysts
The recent development of Cardano, which is supported by the increased social mood and supportive technical indicators, indicates the potential for a short -term price increase of 20 %. In view of the mixed on-chain activities and the different analyst forecasts, investors should remain careful.
While the ADA competitor is traded at $ 0.20 and aimed at a larger rally, Cardano (ADA) is currently traded at $ 0.7270, which according to CoinmarketCAP data has been increasing an increase of 2.60 % since yesterday and 0.74 % last week.
No Comments