Flow

Cardano

bullish

Optimism

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-sees-market-optimism" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Sees Market Optimism</a><br></p>
<p style="text-align: justify">Cardano (ADA) experienced a significant drop to $0.27 on August 5 due to a widespread market sell-off, resulting in over $1 billion in liquidations. However, as the market regained stability, ADA bounced back by 19%, pushing its price to $0.37. Current technical analyses suggest the potential for further gains. This article provides an overview of key on-chain data and charts related to ADA.</p>
<h2 id="what-s-happening-with-cardano">What’s Happening with Cardano?</h2>
<p style="text-align: justify"><a href="https://newslinker.co/can-artificial-intelligence-achieve-consciousness/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">Recent data</a> from Coinglass indicates that Cardano’s futures open interest surged by 21% last week, reaching $191 million. This metric, which tracks the number of outstanding futures contracts, implies an increasing number of <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> are taking new positions. The rise in open interest highlights growing investor confidence in ADA.</p>
<p style="text-align: justify">Moreover, ADA has enjoyed predominantly positive funding rates over the past week, currently standing at 0.0067%. These funding rates in perpetual futures contracts align contract prices with spot prices. Positive rates indicate that more investors are betting on ADA’s price increase, reflecting a bullish market sentiment.</p>
<h2 id="ada-chart-analysis">ADA Chart Analysis</h2>
<p style="text-align: justify">Key momentum indicators on ADA’s daily chart reveal increased buying pressure. The Chaikin Money Flow (CMF) shows a positive value of 0.11, suggesting substantial liquidity inflow. This positive CMF value typically signifies strong buying pressure, potentially sustaining the current rally.</p>
<p style="text-align: justify">Additionally, ADA’s Relative Strength Index (RSI) is currently at 58.24. This indicates that buying activity outweighs selling pressure. If this trend persists, ADA could retest its recent two-month high of $0.40.</p>
<h2 id="actionable-insights">Actionable Insights</h2>
<p style="text-align: justify">– Monitor ADA’s funding rates to gauge investor sentiment.<br> – Track futures open interest for signs of increasing market positions.<br> – Pay attention to CMF and RSI values for indications of buying pressure and potential price movements.</p>
<p style="text-align: justify">These insights can assist investors in making informed decisions regarding ADA investments.</p>
<p style="text-align: justify">In conclusion, Cardano’s recent performance and market indicators suggest a bullish outlook. Investors are increasingly taking new positions, and key momentum indicators point to sustained buying pressure. Monitoring these metrics can provide valuable insights for those considering investments in ADA.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cardano-sees-market-optimism" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Sees Market Optimism</a></h5>

Cardano Sees Market Optimism

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