Journalist
Posted:
- ADA’s volume has risen to one of the highest points in almost a year.
- ADA has continued to rise in price.
Cardano [ADA] has been on an upward trend lately, with more pronounced spikes seen over the past three days. These spikes have also affected several other key metrics.
Cardano rises to a new level
The daily chart for Cardano has shown a consistent uptrend in recent days. Upon analysis, it became clear that its value had increased by more than 25% in the last three days alone.
At the time of writing, the stock was trading around $0.59, reflecting an increase of almost 2%. According to recent Santiment According to data, this price level for ADA has yet to be observed as of June 2022.
Source: TradingView
Additionally, the Relative Strength Index (RSI) showed the ADA approaching 90. This signifies the strongest bullish trend in a significant period of time, while at the same time suggesting the possibility of an impending price correction.
Furthermore, the Moving Average Convergence Divergence (MACD) supports the strength of the ongoing bullish trend. Several other key statistics further highlight the positivity of the current market trend.
ADA sees positive trends in key metrics
A study of the Cardano volume trend on Santiment showed a notable increase. The chart indicated that daily volume has risen to levels not seen in months, reaching over $2.7 billion on December 9.
As of this writing, volume is already over $2.4 billion. This indicated a strong correlation between volume and price, a healthy trend for ADA.
Source: Santiment
Additionally, the active addresses graph for the past seven days showed a significant upward trend. The chart analysis showed that approximately 88,000 active accounts have been added between December 4 and now.
The addition brought the total number of active addresses to almost 300,000.
Source: Santiment
Furthermore, Cardano social dominance has seen a notable increase. On December 9, it rose to around 3.7%, although at the time of writing it has fallen to around 2.9%.
This suggests that ADA takes up almost 3% of discussions within the cryptocurrency space. The strong increase in these figures underlines the prevailing positive trend for ADA.
Read Cardano (ADA) price forecast 2023-24
Cardano traders are now cautious
The Cardano funding rate on Coinglass showed a shift in trader sentiment from high optimism to a more cautious outlook. The graph showed that the coverage ratio increased to approximately 0.04% on December 9.
However, at the time of writing this has fallen to around 0.02%. This suggests that while a majority of traders remain optimistic about a potential price increase, a significant portion are cautious in their approach.