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Cardano Price Stabilizes But Market Bulls Push For More
The price of Cardano (ADA) has recently stabilized around $0.56-$0.58 after a short-lived surge above the psychological resistance level at $0.60. Despite this, market bulls are still pushing for more gains in the future.
On-chain data also supports this outlook. The Network Realized Profit/Loss (NPL) metric, which indicates whether traders are generally profitable or in loss, has recently turned negative. This implies that many ADA holders are currently at a loss. When this occurs, selling tends to decrease, reducing downward pressure on the price and potentially contributing to price stability or even a gradual increase.
Furthermore, Cardano’s Price Chart indicates that the Chaikin Money Flow (CMF) indicator, which measures the amount of capital flowing in and out of the asset, is currently positive at 0.03. While this value might seem modest, it still suggests that buying pressure outweighs selling pressure.
In a recent development, Cardano has been listed on Interactive Brokers, giving Wall Street direct access to the asset. This milestone has sparked fresh speculation that $10 ADA could be next.
It’s worth noting that even with the recent price increase, ADA trading volume has dropped. According to CoinMarketCap, in the last 24 hours, trading activity fell by over 8.6%. This reduction in volume could mean that some traders are waiting for a clear breakout before they make their next move.
Additionally, data shows that ADA is one of the top three cryptocurrencies being picked up by these large players this month. This suggests that they expect something bigger from Cardano soon.
Despite ADA not keeping pace with Bitcoin or SHIB, which have seen stronger rallies lately, it’s still an essential asset in the market. If Cardano cannot stay above $0.60, it might fall to $0.40. However, if buyers continue to step in, a breakout is still possible.
If ADA climbs above $0.7002, with RSI above 55 and MACD crossover, traders could see a rally towards $1 or higher.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Source: https://www.coinspeaker.com/cardano-price-stabilizes-but-market-bulls-push-for-more/
