Advertisement
AD

Main navigation

Cardano Traders Expecting Breakout as Selling Pressure Retreats

Advertisement
Wed, 20/04/2022 - 8:00
Cardano Traders Expecting Breakout as Selling Pressure Retreats
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to the most recent analytical post by Santiment on-chain metric provider, Cardano traders and investors are expecting a breakout from the coin that gained more than 50% to its value back in March.

Advertisement

In the last 24 hours, Cardano gained around 6% to its value, and traders pushed the ninth largest coin by market cap to a breakout. According to the indicator by Santiment, the crowd is euphoric toward ADA. The metric usually measures the number of posts containing bullish hashtags or words on social media platforms like Twitter.

Previously, Cardano secured its place in the top 10 of the biggest tokens and coins by market capitalization, easily beating Avalanche in terms of capitalization with $32 billion against AVAX's $21 billion. In order to enter the list of top 5 tokens and coins by capitalization, Cardano's market cap needs to exceed $50 billion and move the current fifth-biggest digital asset, USD Coin.

ADA technical analysis

While positive sentiment persists in the community, it must somehow be tied to the technical performance of the asset, which remained in a prolonged downtrend since reaching a new high back in the summer of 2021.

Related

According to the daily chart provided by TradingView, ADA successfully "survived" the selling pressure of bears that have followed general market tendencies. Cardano's underlying coin dropped by 20% from the local high and then entered the consolidation channel instead of reaching a lower low, which would have shown a continuation of the downtrend.

At press time, ADA trades at $0.9 and moves in a short-term consolidation channel with its borders remaining at $0.95 and $0.92, respectively.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD