ADA may be due to a trend reversal but these indicators can limit the upside

Cardano [ADA] It’s been a hot topic for a few weeks now, especially after he rolled out Vasil’s hard fork. However, the coin has struggled to climb the ladder lately as it posted a negative 13% growth in the past seven days. This was very worrying for investors.

Interestingly, Input Output Global recently posted a tweet mentioning all the major developments that have occurred in the Cardano ecosystem over the past week. According to the tweet, ADA has exceeded 51 million transactions and the original token count has exceeded 6.4 million.

However, none of that is reflected in the ADA price chart as its performance continues to cast a negative shadow. at the time of publication, ADA It trades at $0.365 with a market capitalization of over $12.5 billion. However, a look at the on-chain ADA metrics suggests that investors may be excited soon, as a trend reversal may be imminent.


Here AMBCryptos Cardano Price Forecast (ADA) for 2023-24


You can relax on ADA dealers

Data from on-chain analytics platform, CryptoQuant’s It revealed that the Cardano Relative Strength Index (RSI) was in oversold mode, which was a huge bullish signal, indicating a higher price in the coming days.

Not only that, but the market capitalization of ADA to Realized Value (MVRV) has also fallen significantly, which could indicate a potential market bottom. Interesting though ADADevelopment activity slowed last week, and managed to pick up in recent days – another positive sign.

Source: feeling

But it wasn’t all sunshine and roses ADA Its social dominance and social size decreased during the past week. This represents waning interest in the altcoin crypto community. In addition, Binance’s funding rate also followed a similar trajectory and declined, indicating less interest in the derivatives market.

Source: feeling

ADA, are you okay there?

a look at ADAThe daily chart revealed a bearish picture as most of the metrics were against the possibility of higher prices. For example, the relative strength index (The Relative Strength Index (RSI) posted a slight rise, but remained well below the neutral area at 24.67. The Awesome Oscillator (AO) was blinking red bars below the zero line and showing no signs of turning green anytime soon.

Source: TradingView

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