The Cardano price has seen a 2% bounce in the past 24 hours, rising to $0.382175 on a day when the wider crypto market has gained by 2.5%.
ADA is now down by 2% in the past week, yet the coin remains up by 32% in the last 30 days and by 55% since the beginning of the year.
However, despite such growth, data has revealed that only 35% of all ADA holders are actually in profit, a figure which provides some indication of how oversold the coin has been in recent months.
But with the market looking as though it will enjoy a good end-of-year rally, ADA may begin compensating for lost performance soon enough.
Cardano’s chart is in a promising position, in that its indicators appear to be regaining strength again after a week or two of decline.
Its relative strength index (purple) has begun creeping back up to 60, signalling rising momentum while also leaving plenty of more space for further rises.
In addition, ADA’s 30-day average (yellow) continues to rise further above its 200-day (blue), a sign that the coin remains in the middle of a largely positive phase.
It’s also welcome to see that the token’s support level (green) has risen consistently since the middle of October, implying that any incoming dip is likely to be minor and brief.
On the other hand, ADA’s trading volume remains noticeably lower than where it was in the first half of November.
It currently stands at just over $250 million, in comparison to $750 million a couple of weeks ago.
This suggests subdued interest in Cardano, with data released today also suggesting that now is not the best time for the altcoin.
Despite recent market surges, Only 35% of $ADA holders are in profit, significantly lower than other top protocols. On-chain data reveals a key resistance at $0.38,Read more on cryptonews.com