Cardano (ADA) Surges 25%, Hits $0.59, Highest Since June 2022
Caution Advised for Cardano Investors Following Recent ADA Movements?
Cardano [ADA] has been experiencing an upward trend lately, with the past three days recording particularly pronounced spikes. These spikes have also affected several other important metrics. Should investors be cautious now?
Cardano Rises to a New Level
The daily chart for Cardano has shown a steady upward trend in recent days. Upon closer analysis, it became clear that its value has increased by more than 25% in the past three days alone. At the time of writing this article, the trading price was approximately $0.59, representing a nearly 2% increase. According to current data from Santiment, this price level for ADA has not been observed since June 2022.
In addition, the Relative Strength Index (RSI) indicated that ADA is approaching 90. This suggests the strongest bullish trend in a significant period and implies a possible upcoming price correction. Additionally, the Moving Average Convergence Divergence (MACD) supports the strength of the ongoing bullish trend. Various other key metrics continue to underline the positivity of the current market trend.
ADA Sees Positive Trends in Key Metrics
An examination of the Cardano volume trend on Santiment showed a notable increase. The graph showed that the daily volume has risen to a level not seen in months and reached over $2.7 billion on December 9th. At the time of writing this article, the volume has already surpassed $2.4 billion. This suggests a strong correlation between volume and price, a healthy trend for ADA.
In addition, Cardano’s social dominance has experienced a notable increase. On December 9th, the value rose to about 3.7%, although it has fallen to about 2.9% at the time of writing this article. This suggests that ADA occupies nearly 3% of the discussions in the cryptocurrency space. The increase in these metrics underscores the currently positive trend for ADA.
Cardano Traders Now Cautious
The Cardano funding rate on Coinglass showed a shift in trader sentiment from high optimism to a more cautious outlook. The graph showed that the funding rate rose to about 0.04% on December 9th. However, at the time of writing this article, it has dropped to about 0.02%. This suggests that while the majority of traders continue to be optimistic about a possible price increase, a notable portion is exercising caution in their approach.
Conclusion
Despite the strong upward trend and positive metrics, some Cardano traders now seem to be more cautious. This could indicate a possible upcoming price correction. It remains to be seen how the market will continue to develop and whether the traders’ caution is justified. As always, investors should conduct their own research and carefully consider before making decisions.
Sources: Santiment, Coinglass
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