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Cardano (ADA) up 3% in Crucial Decoupling Move, Here Are Next Likely Moves

Thu, 04/27/2023 - 07:51
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Godfrey Benjamin
Cardano has charted solo bullish move as prompted by its trading volume growth
Cardano (ADA) up 3% in Crucial Decoupling Move, Here Are Next Likely Moves
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The digital currency ecosystem is just mildly recovering from a major flash crash precipitated by the false news that Mt. Gox beneficiaries are selling off their cryptocurrencies. Amid the chaos, Cardano appeared to be relatively immune to the crash, judging by its current price outlook.

In a very obvious decoupling move, Cardano is changing hands at a price of $0.4111, up by 3.50% in the past 24 hours. While the digital currency is still paring off its losses for the week, its key on-chain metrics looks good. As a means of showing the current upsurge is not a farce, the Cardano trading volume notably picked up major bullish momentum. At the time of writing, the trading volume is up by more than 98%.

Cardano Metrics Chart
Image Source: CoinMarketCap

With the market still exhibiting a great deal of volatility, the next steps for Cardano appear fairly predictable. By forming a strong support around the $0.40 price level, we can expect the accumulation of ADA to help solidify this level moving forward.

Depending on the disposition of bulls to the market, the ADA price may also go on a parabolic run to retest its monthly high at $0.46.

Subject to market influence

Cardano is known to move in tandem with the broader market as it has a somewhat closeknit correlation with Bitcoin (BTC). While it has been able to chart its own solo bullish momentum, the influence of the market cannot be overlooked.

If the market charts a major recovery, it will help Cardano's push to chart an ambitious end to the month, but if there is another cross-market sell-off, it may largely impact the growth of the asset negatively.

In all, Cardano will be hanging onto its core fundamentals embedded in its technology and ecosystem growth to sustain its current growth outlook.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.