Monday, March 4, 2024

Cardano’s Price Outlook Remains Positive Amidst Favorable bullish on-chain metrics.

Cardano is now trending upward and is expected to continue to rise. Recently, the Cardano Foundation pledged to support the objectives of Cardano Improvement Proposal (CIP) 1694 by casting a vote with its wallet holding 11.42 million ADA tokens.

These catalysts are likely to prolong the Cardano price surge.

Cardano’s 6.11% weekly gains are probably sustainable, and the price of ADA may continue to rise thanks to two bullish factors. First, there are bullish signals from on-chain indicators such as Network Realized Profit/Loss (NPL) and Market Value to Realized Value ratio (MVRV), and second, there are advancements in the ADA ecosystem.

The Cardano Foundation, a separate non-profit organization, is committed to decentralizing the Cardano network and assisting ADA in its development and implementation in business. The Foundation declared early on Tuesday that it would vote on enhancements to the Cardano blockchain with its 11.42 million ADA coins.

On-chain indicators bolstering ADA price increases

Santiment, a crypto intelligence tracker, shows that wallets that purchased ADA tokens in the last 30 days have seen a surge in net realized losses. This indicates a capitulation in Cardano, and as the chart below shows, there is usually a rally in the asset’s price after periods of capitulation.

At the current price of $0.3786, addresses selling ADA tokens are experiencing losses, according to the MVRV ratio over a seven-day period. In general, market players are less willing to sell their holdings and incur losses, which suggests that there is less selling pressure on the asset on several exchanges. This provides the ADA with a neutral to optimistic outlook and bolsters its recent advances.

As of this writing, the price of ADA is trading at $0.3786, above the 0.61 Fibonacci level of the slide from the top of $0.46 on April 15 to the bottom of $0.22 on June 4. As long as the asset remains above the 0.50 Fibonacci barrier at $0.3408, it is likely to continue to advance. A candlestick closing below this mark might refute the price-bullish hypothesis for Cardano.

In the event that the price of Cardano declines, it is likely to find support at the 10-day Exponential Moving Average (EMA) at $0.3730.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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