Hold onto your hats, folks, because Cardano (ADA) is on a rollercoaster that even Willy Wonka would find dizzying! 🎢 The latest market figures show that ADA is clawing its way back up after a recent price jump. Traders, those ever-optimistic creatures, are whispering sweet nothings about another big move for the coin. With the price holding steady, buyers are glued to an important price point that could either make them rich or send them crying into their crypto wallets.
ADA Hovers Near 20-day EMA as Bulls Dream of $0.70
Over the past week, Cardano has bounced back by about 10%, giving traders who had been weeping into their coffee mugs some much-needed hope. ☕ CoinMarketCap data shows ADA was trading around $0.637 as of press time. Reports also show that ADA is flirting with its 20-day Exponential Moving Average (EMA). This line, which tracks the coin’s price over the past 20 days, is like a stern schoolteacher—always paying more attention to the most recent antics. A move above this level often signals a shift in market direction, and boy, are traders watching closely!
ADA hasn’t fully broken above this level yet, but it’s close enough to smell the victory. Traders are on edge because a clean move above it would mean buyers are taking control. If that happens, Cardano could push toward $0.70, which is seen as the coin’s next big resistance level. 🚀
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 sitting on losses. When this happens, selling tends to decrease, reducing downward pressure on the price and potentially contributing to price stability or even a gradual increase. It’s like a financial version of “what doesn’t kill you makes you stronger.” 💪
Cardano’s Price Chart. Source: TradingView.com
On the ADA/USD one-day chart, 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 that value might seem as modest as a librarian’s whisper, it still indicates that buying pressure outweighs selling pressure. 📚
In a recent development, Cardano is now listed on Interactive Brokers, giving Wall Street direct access. This milestone has sparked fresh speculation that $10 ADA could be next. Yes, you read that right—$10! 🤑
Volume Drops Even as Whales Show Interest
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 happened under $636.93 million worth of ADA being traded. This slowdown in volume could mean that some traders are waiting for a clear breakout before they make their next move. It’s like they’re all standing at the edge of a diving board, too scared to jump. 🏊♂️
ADA is one of the top three cryptocurrencies being picked up by these big players this month. This suggests they expect something bigger from Cardano soon. Still, the coin has not kept up with Bitcoin or SHIB, which have seen stronger rallies lately. It’s like being the third wheel at a crypto party. 🎉
If Cardano cannot stay above $0.60, it might fall to $0.40. However, if buyers keep stepping in, a breakout is still possible. If ADA climbs above $0.7002, with RSI above 55 and a MACD crossover, traders could see a rally toward $1 or higher. So, will ADA hit $10 or crash to $0.40? Only time will tell, but one thing’s for sure—it’s going to be a wild ride! 🎢
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2025-04-15 18:53