- Cardano continued to recover, up 2% at the time of writing.
- ADA remained below the neutral line on its RSI.
Cardano [ADA] has shown notable upward movements in recent days, indicating a continued recovery. AMBCrypto’s analysis of ADA’s daily timeframe chart showed three consecutive days of upward trends.
Cardano begins recovery
This marked a recovery from the previous downtrends that started around January 13, when the price was around $0.58. At the time of writing, ADA was trading around $0.49, which represents an increase of over 2%.
The total increase over the past three days was now more than 6%.
Source: trading view
Despite the commendable recovery, ADA continued to trade below its short-term moving average (yellow line). The yellow line also acted as resistance around $0.56.
While the uptrend has not completely reversed the bearish trend, it has weakened it significantly. The Relative Strength Index (RSI) was above 40 at the time of writing, indicating an upward trend.
Cardano buyers are taking a less aggressive stance
The excitement surrounding Cardano’s price hike has not yet translated into increased activity among traders, as statistics show Mint glass.
A study of Cardano’s funding rate showed a consistently positive trend in recent months.
Despite the positive trends observed, the trend was almost flat. This suggests that while buyers remain in control, their aggressiveness has decreased.
Furthermore, an analysis of the Open Interest chart revealed that there has been no substantial movement in recent times. At the time of writing, Open Interest was approximately $240.6 million.
ADA offering in profits drops
As the price of Cardano fell, the percentage of the total supply that was in a profitable position also fell, as shown in the Santiment chart.
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AMBCrypto’s analysis of the chart showed that supply gains fell from the peak of over 70% in December to a range of 60%.
At the time of writing, the gain on the offering was around 66%, meaning the gain on the offer was around 22.4 billion.
Source: Santiment