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Cardano

MN Coin

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardanos-volume-surge-a-signal-of-decline" rel="noopener noreferrer nofollow">Cardano’s Volume Surge: A Signal of Decline?</a> 
Cardano’s (<a href="https://en.bitcoinhaber.net/cardano-ada-prices-surge-once-again" rel="noopener noreferrer nofollow">ADA</a>) trading volume soared from 234 million to 453 million between January 22-23, suggesting a high number of transactions. However, increased volume is not always positive for a cryptocurrency’s price. Rising volume with falling prices can indicate a bearish trend. Technical indicators show ADA’s 20-day EMA crossing above the 9-day EMA, hinting at a downtrend. Furthermore, ADA’s price has dropped below both EMAs, while the Chaikin Money Flow (CMF) has fallen to -0.07, indicating strong selling pressure that could push ADA’s price down to $0.40 if the bearish momentum persists.
The Aroon indicator on the 4-hour chart shows Aroon Up at 14.29% and Aroon Down at 100%, reflecting the strong downward momentum ADA is facing. The Relative Strength Index (RSI) has dropped to 24.16, suggesting ADA might be oversold, which could imply a potential recovery if more capital flows into the Cardano market. However, a lack of liquidity could reverse this possibility, making it crucial for investors to watch the upcoming market dynamics closely.
In terms of Open Interest (OI), Coinglass reports a decrease to $231.61 million. OI represents the number of outstanding futures contracts, and an increase typically indicates that market participants are increasing their net positioning. Conversely, a decrease in OI suggests reduced liquidity and an increase in position closures. The drop in OI, coupled with the current price movement, suggests that ADA may continue to decline, possibly due to decreased speculation around the token.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/cardanos-volume-surge-a-signal-of-decline" rel="noopener noreferrer nofollow">Cardano’s Volume Surge: A Signal of Decline?</a></h5>

Cardano’s Volume Surge: A Signal of Decline?

BH NEWS

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