Cardano [ADA] Bulls Remain Strong, Price Uptrend Could Continue

Cardano [ADA] Bulls Remain Strong, Price Uptrend Could Continue

• The token price of Cardano [ADA] decreased as the short-term outlook calls for consolidation.
• Traders remain enthusiastic about the token due to its performance in March, outperforming top-ranking cryptocurrencies like Bitcoin [BTC].
• The Market Value to Realized Value Ratio (MVRV) and Open Interest (OI) indicate bullish sentiment with a positive ADA funding rate.

Positive Performance of Cardano [ADA]

Participants in the derivatives market remain long on ADA as the token price decreased while the short-term outlook calls for consolidation. Nonetheless, traders remain enthusiastic about the token due to its performance in March, where it was able to outperform top-ranking cryptocurrencies including Bitcoin [BTC].

Indicators Pointing Towards Bullish Sentiment

The Market Value to Realized Value Ratio (MVRV) ratio shows that tokens acquired when March began up until now are in profit. Additionally, the ADA funding rate is positive which implies that long-position traders are dominant and willing to pay short traders. Moreover, Open Interest (OI) is also extremely high indicating massive strength behind the ADA price trend and a lot of open contracts held by market participants.

Technicals Show Positive Momentum

On the technical side, ADA seems to have maintained a solid buying momentum based on its Relative Strength Index (RSI). With an RSI value at 58.04, this exudes favor for bulls unless it hits an RSI value of 70. In addition, Exponential Moving Average (EMA) suggests that Cardano’s sideway trend could be next but it is unclear how long ADA can sustain its current momentum.

Cardano Profit Calculator

To help investors assess their portfolios‘ performance related to Cardano [ADA], there is a Cardano Profit Calculator available online which they can use free of charge and conveniently check their portfolio status at any time.

Conclusion

In conclusion, despite some downward pressure on cardano’s price recently which caused some temporary bearish sentiment among traders and investors, indicators such as MVRV ratio and OI suggest otherwise with data showing bullish sentiments still hold strong within Cardano’s market landscape overall