Cardano

Bitcoin

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In the cryptocurrency landscape, Cardano (ADA), once the world’s 6th biggest cryptocurrency, slipped to the 10th position. However, considering the bullish indications from Santiment, an on-chain analytic firm, and the change in market sentiment following the upcoming Bitcoin halving event, it could improve its position. Will Cardano (ADA) price increase? 
Recently, a crypto analyst sharedSantiment data on X (previously Twitter), highlighting that when Cardano’s MVRV Ratio dropped below -22% before, ADA’s price surged by over 75%. Now that the ADA MVRV Ratio is below -22% again, following the continuous price fall of ADA for the last 36 days, this recent MVRV Ratio might be an indication of price recovery.&nbsp; 
The MVRV (Market Value to Realized Value) Ratio is a metric used in cryptocurrency analysis to assess the market’s valuation relative to the average profit/loss of investors who bought in at various points in time.
In the past month, Cardano (ADA) cryptocurrency experienced a massive nearly 40% price drop. The major reason behind this price drop is the increase in the United States Consumer Price Index (CPI) data and the ongoing conflict between Iran and Israel.
Currently, Cardano (ADA) crypto is trading near $0.46, and in the last 24 hours, it experienced a decent 3% downside momentum. If we look at Cardano’s crypto performance over a longer period, in the last 7 days, it experienced over 20% downside momentum, whereas, in the last 30 days, it experienced over a 22% downside momentum. Cardano (ADA) technical analysis and key levels 
According to expert technical analysis, ADA on a daily timeframe is consolidating in a tight range near a crucial support level. Additionally, the chart of ADA from TradingView signals bearishness because it is trading below the 200 EMA (Exponential Moving Average). However, if the sentiment doesn’t change, then holders may struggle. Source: TradingView 
On a weekly timeframe, ADA is still bullish and at the time of writing, it is finding support from both crucial support levels as well as the 200 EMA. If the ADA price breaches the $0.49 level, there is an expectation that we may see a massive over 15% upside momentum.
Besides Cardano’s (ADA) bullish indication, the overall cryptocurrency market is currently experiencing bullish momentum. Top cryptocurrencies like <a href="https://news.todayq.com/bitcoin-makes-strong-comeback-after-dipping-below-60k/" rel="noopener noreferrer nofollow">Bitcoin </a>and Ethereum experienced massive over 4% and 2% upside momentum.

Cardano (ADA) sees potential recovery, Bullish signals spotted

Todayq News

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