Cardano Price Prediction as Trading Volume Skyrockets 80% – Is ADA Poised for Recovery?
The Cardano price has risen by 4% in the past 24 hours, reaching $0.4728 as the cryptocurrency market recovers by a modest 0.5% today.
ADA’s jump today isn’t enough to override losses over greater timeframes, however, with the altcoin still down by 10% in a week and by 21% in the last 30 days.
On the other hand, ADA remains up by 23% in the past year, and with the market arguably undervaluing the coin to a considerable extent, it could make a healthy recovery in the near future.
Cardano’s chart continues to paint a picture of weakness, with the coin’s indicators showing a big loss of momentum in recent days and weeks.
In particular, its relative strength index (purple) has flattened out at around 40, struggling to regain impetus after declining from 80 back in December.
It’s a similar story with regards to its 30-day moving average (yellow), which continues to slump downwards and looks like it’s on course to fall below its 200-day (blue).
Another negative signal is the fact that the Cardano price itself has dropped below the 30-day average, a clear sign of strong selling pressure.
At the same time, ADA’s volume has risen to more than $500 million today, up from around $300 million a few days ago.
Such an increase could signal incoming rises.
Indeed, the market has certainly undervalued and oversold ADA in recent months, save for December’s market-wide rise, so it could certainly stand to rise some more in the coming months.
This positivity is based largely on ADA’s fundamentals, with Cardano growing steadily as a layer-one blockchain network.
$ADA is the asset that runs Cardano!
Read more on cryptonews.com
