Flow

Cardano

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-ada-shows-promising-signals-for-a-price-surge/" data-wpel-link="internal">Cardano (ADA) Shows Promising Signals for a Price Surge</a><br></p>
<p style="text-align: justify">Following the volatility in the leading cryptocurrency <strong><a href="https://coin-turk.com/bitcoinin-btc-rekor-yukselisini-tahmin-eden-analist-uyardi-yuzde-50ye-hazir-olun" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-continues-to-be-priced-below-26k-as-whales-accumulate-amid-downturn/" data-wpel-link="internal">BTC</a>)</strong>, attention has turned to altcoins. According to senior crypto analyst Ali Martinez, the popular altcoin <strong>Cardano (<a href="https://en.coin-turk.com/cardanos-stablecoin-ecosystem-experiences-remarkable-growth/" data-wpel-link="internal">ADA</a>)</strong> is showing signals similar to its performance during the 2021 bull market.</p> 
<h2 id="cardano-s-10-target">Cardano’s $10 Target!</h2> 
<p style="text-align: justify">The analyst indicated that the rally raising expectations for the <strong>cryptocurrency</strong> won’t be easy, suggesting that <strong>ADA</strong> could face a correction before soaring to $10. In December 2021, ADA’s price was at $0.15. However, 10 months later, the price increased, and as of September 2021, it was trading at the $3 level. This year, the <strong>token</strong> appears determined to recover from its weak performance in 2023, which has been challenging due to <a href="https://en.coin-turk.com/bitcoin-price-analysis-and-predictions/" data-wpel-link="internal">Bitcoin</a>‘s (BTC) rising trend.</p> 
<p style="text-align: justify">In the last 30 days, ADA’s price has risen by 53.28%, trading at $0.77. However, before this significant jump, the token had already been signaling that it could perform better. One of Cardano’s strengths is its development activity, which serves as a consistent metric for growth. According to on-chain data, ADA’s social dominance dropped to 0.30%. Social Dominance measures the discussion rate of a crypto project compared to other projects in the top 100.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-323601 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/ada.webp" alt="" width="2048" height="693"></p> 
<h2 id="ada-s-on-chain-data">ADA’s On-Chain Data</h2> 
<p style="text-align: justify">Therefore, the decline in social dominance could mean that investors are shifting their focus away from ADA. However, a decrease in social dominance could be seen as a positive in terms of price movement. This is because extremely high social dominance often indicates a local peak. Hence, <strong>ADA’s</strong> price may have the potential to rise. Additionally, experts suggest that signals from the Fibonacci extension indicate ADA’s price could climb to $1.40 in the near term. Data related to the Money Flow Index (MFI) also shows an increase.</p> 
<p style="text-align: justify">A high MFI reading indicates a significant influx of capital into ADA. A reading of 80.25 suggests that ADA is in overbought territory. If ADA corrects, the price could fall to $0.65. The price movement could also signal a return of confidence in the ecosystem, as indicated by Cardano’s Total Value Locked (TVL). At the time of writing, TVL had risen to $495.14 million, which could indicate that market players are locking more tokens into the protocol.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-ada-shows-promising-signals-for-a-price-surge/" data-wpel-link="internal">Cardano (ADA) Shows Promising Signals for a Price Surge</a></h5>

Cardano (ADA) Shows Promising Signals for a Price Surge

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