Flow

Rally

Cardano

Convergence

Divergence

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-ada-shows-potential-for-a-bullish-rally-despite-market-downtrend/" data-wpel-link="internal">Cardano (ADA) Shows Potential for a Bullish Rally Despite Market Downtrend</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/bitcoin-btc-toparlaniyor-btc-yeniden-50-000-dolar" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/unlu-analist-bu-kripto-para-rallisinin-farkli-oldugunu-vurguladi" data-wpel-link="internal">BTC</a>)</strong> continues its downward trend, affecting most cryptocurrencies, including Cardano (<a href="https://coin-turk.com/unlu-analist-acikladi-cardano-ada-agindaki-en-iyi-5-proje" data-wpel-link="internal">ADA</a>). Experts suggest that historical data indicates a high likelihood of <a href="https://en.coin-turk.com/cardanos-impressive-growth-and-potential-for-a-bull-run/" data-wpel-link="internal">ADA</a> initiating a bull rally. The cryptocurrency market tends to follow <a href="https://en.coin-turk.com/spot-bitcoin-etf-a-step-closer-to-reality/" data-wpel-link="internal">Bitcoin</a>, and since the leading cryptocurrency’s value dropped below $66,000, most crypto charts have turned to a downward trend. Cardano is no exception as its value has fallen by more than 12% in the past week.</p> 
<h2 id="ada-s-analytical-reports">ADA’s Analytical Reports</h2> 
<p style="text-align: justify">According to the website 21milyon.com, the token’s price has dropped by over 3% in just the last 24 hours. At the time of writing, ADA was trading at $0.5666 with a market capitalization of over $20 billion, making it the 9th largest cryptocurrency. The decline in the cryptocurrency’s price has negatively affected market sentiment. <strong>Santiment’s</strong> data indicates a drop in ADA’s weighted sentiment, suggesting a dominant downward trend.</p> 
<p style="text-align: justify">However, its social volume remains high, reflecting its popularity in the crypto space. Additionally, a popular ADA analyst, Cardano Dapp, recently tweeted about an interesting historical event. When <a href="https://en.coin-turk.com/bank-failures-abound-is-another-looming-what-implications-for-bitcoin/" data-wpel-link="internal">BTC</a>‘s price last reached its all-time high (ATH), ADA followed the trend and reached its ATH after 90 more days.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-337331 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/ada-1.jpg" alt="" width="1273" height="431"></p> 
<h2 id="ada-price-analysis">ADA Price Analysis</h2> 
<p style="text-align: justify">Since BTC’s price reached $73,000 a few days ago, if history repeats itself, investors could witness ADA starting a bull rally soon. Moreover, ADA’s Market Value to Realized Value (MVRV) ratio was at -23.6% at the time of writing. Such low MVRV ratios can often trigger a reversal in the trend. The Network Value to Transactions (NVT) ratio also recorded a sharp decline. When the metric drops, it indicates that a token’s value is low and could signal a potential price increase in the coming days.</p> 
<p style="text-align: justify">Despite the above measurements indicating an uptrend, technical indicators show a downward trend for ADA. For example, the Moving Average Convergence Divergence (MACD) displayed a clear bearish trend in the market. The Money Flow Index (MFI) declined and moved further below the neutral level. The Relative Strength Index (RSI) followed a similar downward trend, which could indicate a high probability of price declines.</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-potential-for-a-bullish-rally-despite-market-downtrend/" data-wpel-link="internal">Cardano (ADA) Shows Potential for a Bullish Rally Despite Market Downtrend</a></h5>

Cardano (ADA) Shows Potential for a Bullish Rally Despite Market Downtrend

Table of Contents

COINTURK NEWS

Other articles published on Apr 4, 2024

Ethereum's Chart Pattern Signals Potential Uptrend: An Analysis

Shifting the exchange platform paradigm Fezoo attracts attention from Ripple & Cardano circles

Bitbot price forecast as BTC holds key level

Scorpion Casino (SCORP) Is The Project To Watch Out For As Investors Pour Over $8.1 Million Into ...

GameFi vs. Meme Mania: Scorpion Casino Takes the Lead in the Crypto Revolution

Artificial Intelligence is Responsible for Laying off 57,505 People in 2024

Join our free newsletter for daily crypto updates!