ADA logged its highest price and daily trading volume in the last two months However, ADA still remains an unprofitable cryptocurrency asset The surge in Cardano’s [ADA] trading volume in the last 24 hours pushed the price of the layer 1 coin to its mid-November levels, data from Santiment revealed. Read Cardano’s [ADA] Price Prediction 2023-2024 […]
There has been an increase in the number of ADA coins being acquired over the past week. This could have contributed to the rise in its price. On a daily chart, key momentum indicators such as the Relative Strength Index and the Money Flow Index were positioned in uptrends close to overbought highs.
The RSI and MFI indicators have been steadily climbing in the past week, moving from below their neutral ranges to 77.45 and 74.86, respectively, at press time. It is trite that rising RSI and MFI are clear-cut indicators of increased buying pressure and bullish market conditions. Further, the dynamic line of ADA’s Chaikin Money Flow followed a similar progression to be pegged at 0.38 at press time. Also indicative of bullish market conditions, a positive CMF suggested that the asset enjoyed increased accumulation from market participants.
At the time of writing, ADA buyers were in control of the daily market and have so been in control for the last four days. This was confirmed by the asset’s Directional Movement Index position. The DMI is a technical indicator that helps to identify the direction and strength of a trend in an asset’s price. At press time, ADA’s buyers’ strength rested solidly above that of the sellers as the positive directional indicator laid above the negative directional indicator .
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Ethereum Classic [ETC] sends cautionary signals as price grows by over 25%ETC’s price has grown by 28% in the last week. Price chart readings, however, revealed that the alt is overbought. Ethereum Classic [ETC] had a strong week, with its price increasing by 28.60%, according to data from CoinMarketCap. This made it one of the top-performing cryptocurrencies, along with Lido [LDO], which saw a price increase […]
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