Cardano (ADA) Shows Signs of Recovery with 6% Increase

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Cardano on the Road to Recovery?

Cardano (ADA) has shown remarkable upward movements in recent days, indicating a sustained recovery. The bearish phase that Cardano was stuck in seems to be gradually subsiding.

Beginning of Recovery

Cardano’s recovery phase began after the previous downward trends that started around January 13, when the price was about $0.58. At the time of publication, ADA was trading at around $0.49, representing an increase of over 2%. The total increase over the past three days is now over 6%.

Despite the commendable recovery, ADA continued to trade below its short-term moving average (yellow line). The yellow line also acted as resistance at around $0.56. Although the upward trend has not completely reversed the bearish trend, it has significantly weakened it. The Relative Strength Index (RSI) was over 40 at the time of writing this article, indicating an upward trend.

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Cardano Buyers Less Aggressive

Excitement about Cardano’s price increase has not yet translated into increased activity among traders, as metrics on Coinglass show. An examination of Cardano’s financing rate showed a consistently positive trend over the past few months. Despite the positive trends observed, the trend was almost flat. This suggests that while buyers are maintaining control, their aggression has diminished.

Decrease in ADA Supply in Profit

With the decline in Cardano’s price, the percentage of the total supply in a profitable position also decreased, as the Santiment chart shows. Analysis of the AMBCrypto chart showed that the profit in supply has dropped from its peak of over 70% in December to the 60% range. At the time of writing this article, the profit in supply was about 66%, suggesting that the supply in profit was about 22.4 billion at the time of publication.

Source: AMBCrypto

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Last update: 19. February 2024

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