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2024-12-22 11:49 PM

Cardano and its future: Will ADA reach $0.6?

IMPORTANT POINTS:

Cardano's uptrend might not be sustainable due to the lack of convergence between price and volume.
The open interest in ADA shows a reduction, indicating less investment in the coin.
Despite the recent rallies, ADA is still in a downtrend.

Cardano saw a brief rally to $0.50, but with lagging trading volumes, the sustainability of this uptrend remains uncertain.

Cardano (ADA) holders experienced a glimmer of hope as they concluded the week on a high. The positive price movement was a welcome change, especially considering the significant decline that ADA has faced in recent weeks.

However, a different narrative emerged when examining the volume chart, casting doubt on the sustainability of the recent trend.

Cardano Ends Week on a High

Analysis of Cardano's price chart on a daily timeframe revealed a strong close from last week. ADA saw roughly an 8.3% increase on April 20, closing the day near $0.50.

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This increase marked a notable end to the back-to-back uptrend that began on April 18 and provided a respite from the significant declines seen in the previous week.

At the time of writing, ADA was still trading around the $0.50 price range, with a slight increase of more than 1.5%. However, despite back-to-back uptrends, ADA remained entrenched in a downtrend.

Examination of the Relative Strength Index indicates that it remained below the neutral line, signaling a lack of positive momentum in its price trend at the moment.

El volumen de Cardano muestra falta de convergencia

El análisis del volumen de Cardano reveló una disparidad entre la actividad de los comerciantes y el movimiento de precios. A pesar de la tendencia positiva del precio, el volumen no mostró el mismo nivel de entusiasmo y no ha logrado superar el umbral de 500 millones USD.

Aunque el volumen se disparó a más de 1.300 millones USD al inicio de la semana, desde entonces ha disminuido a más de la mitad. Al momento de escribir este artículo, el volumen era de alrededor de 402 millones USD.

Esta discrepancia sugiere una falta de convergencia entre el precio y el volumen, indicando una posible falta de sostenibilidad en la tendencia alcista del precio.

Stagnant volume implies a dearth of trader participation, which is crucial to sustain price increases. With an increase in volume, the current price trend might be able to maintain momentum.

Interest in ADA sees a slight increase

Examination of Cardano's Open Interest on Coinglass revealed a notable decline in the past few days. Despite a slight increase at the time of writing, it has yet to recover to previous levels.

At the time of writing, Open Interest was hovering around $207.8 million, a significant drop from the more than $400 million seen around April 10. This trend in Open Interest indicates a reduction in cash inflow into ADA.