Cardano

bullish

Element

TL;DR
<ul>
 <li>ADA’s price surged to almost $0.40, potentially driven by positive metrics such as an increase in large transactions.</li>
 <li>However, its RSI recently spiked to 81, suggesting overbought conditions and a potential correction despite predictions of further rallies from analysts.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-09-ada_cb-9-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/ADA_CB-9.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="ada-s-resurgence">ADA’s Resurgence</h2>
Cardano’s ADA has been among the top-performing leading digital assets in the last 24 hours, with its price hitting a one-month peak of over $0.39. Its market capitalization pumped to $14 billion (and retraced a bit since), making it the 11th-largest cryptocurrency.&nbsp;
<figure id="attachment_362365" aria-describedby="caption-attachment-362365" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-362365" src="https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2.png" alt="ADA Price" width="573" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2.png 1052w, https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2-300x210.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2-1024x715.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2-768x537.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/ADA-Price-2-50x35.png 50w" sizes="(max-width: 573px) 100vw, 573px"></a>
 <figcaption id="caption-attachment-362365" class="wp-caption-text">
 ADA Price, Source: CoinGecko
 </figcaption>
</figure>
Its revival aligns with three important metrics that have been on the rise. The first (somewhat expectedly) is the “In the Money” indicator, which, <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/ADA" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">according</a> to IntoTheBlock, is up 10.5% on a daily scale. It measures the change of ADA investors currently sitting on paper profits. As of now, 31% of those are in the green, while 66% are underwater.
The stats looked much worse during the crypto market crash at the beginning of August. Back then, ADA’s price <a class="editor-rtfLink" href="https://cryptopotato.com/almost-nobody-holding-cardano-ada-is-in-profits-following-todays-crypto-crash-data/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">plummeted</a> to a seven-month low of $0.27, while only 0.35% of its holders were sitting on some profits on their initial investments.&nbsp;
The second bullish factor is the large transaction volume (where each on-chain ADA transaction exceeds $100,000). The figure reached $6.6 billion on September 25, representing a 12% increase in 24 hours.
Last but not least, we will focus on ADA’s NVT (network value to transactions) ratio. The metric is currently <a class="editor-rtfLink" href="https://messari.io/project/cardano/charts/market/chart/nvt-adj" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">set</a> at around 2.7, which is considered low. It indicates that the token is undervalued and, hence, ready for a potential rally.
One popular analyst who recently <a class="editor-rtfLink" href="https://x.com/CryptoBullet1/status/1838203038202298775" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">predicted</a> a further pump for Cardano’s native token is the X user CryptoBullet. The trader expects the price to reach a lower high of around $1.80 sometime next year. However, they assumed it may later head south to roughly $0.15.
<h2 id="span-data-preserver-spaces-true-the-bearish-element-span">The Bearish Element</h2>
Conversely, ADA’s Relative Strength Index (RSI) suggests the asset could be poised for an imminent correction. The analysis tool measures the change and speed of price movements, varying from 0 to 100.
Readings above 70 signal that the token might be overbought, while anything below 30 is considered bullish since it indicates oversold conditions. Currently, the RSI is <a class="editor-rtfLink" href="https://www.cryptowaves.app/relative-strength-index/ADA" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">hovering</a> around 70, briefly spiking to 81 on September 24.
The post <a href="https://cryptopotato.com/cardano-reaches-1-month-high-3-bullish-signs-point-to-a-potential-ada-bull-run/" rel="noopener noreferrer nofollow">Cardano Reaches 1-Month High: 3 Bullish Signs Point to a Potential ADA Bull Run</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Cardano Reaches 1-Month High: 3 Bullish Signs Point to a Potential ADA Bull Run

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