Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars
10 Febrero 2024 - 8:00AM
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Cardano is currently riding on the back of a modest 3.76% gain in
the past seven days with the cryptocurrency on its way to the $0.55
level which will define its short-term price trajectory. On-chain
data shows that the bulls are working hard in the background to
push the crypto toward this price point, as evidenced by the buy
orders piling up. Particularly, Cardano has experienced a surge in
buy orders, tipping the bid-ask volume imbalance in the direction
of the bulls. With so many buyers and so few sellers, the price of
ADA has only one way to go. Related Reading: Solana TVL Nears
$2 Billion – Will SOL Cruise To $120 Before Valentine’s? At the
same time, activity on the Cardano blockchain is exploding but the
question remains whether this interest and optimism will continue
to drive ADA prices up or whether the rally will run out of steam
as some traders take profits. Buy Orders Tip By 678% In The
Way Of The Bulls On-chain data show that Cardano bulls are
currently out in full force, driving a huge imbalance in buy and
sell orders that’s currently sending the bid volume outpacing ask
volume by 678%. This strong imbalance tells the current bullish
sentiment among Cardano investors. The dynamic nature of the
battle between buyers and sells means the imbalance can change at
any time. If the spread narrows, it could signal that the rally is
losing steam and a reversal may be on the horizon. Cardano
currently trading at $0.54 on the daily chart: TradingView.com
However, Cardano seems to be holding on, as indicated by this
week’s price action. Presently trading at $0.5361, Cardano has
shown incredible resilience to continue trading above the $0.50
price level throughout the week. Price Targets For Cardano (ADA)
ADA is still down in a monthly timeframe, but many crypto analysts
are hopeful on the crypto’s future price trajectory. The first step
in establishing a very bullish run is a break over the
psychological price resistance at $0.55 which it has tested in the
past 24 hours. Failure to break over this resistance would either
mean a continued range trading between $0.55 and $0.50 or a bearish
breakout below $0.50. Related Reading: Cardano (ADA): Green Shoots
Emerge – Is A 30% Price Growth Next? According to crypto analyst
Ali Martinez, ADA might continue consolidating until April before
going on a sustained breakout past its current all-time high to
reach $8 by January 2025. For Cardano to maintain this momentum, it
is necessary for the cryptocurrency to continue demonstrating
robust market fundamentals and meaningful advances within its
ecosystem. Despite facing multiple criticisms, Cardano remains one
of the most actively developed blockchains, with a vibrant
open-source community. According to founder Charles Hoskinson,
Cardano’s main hurdle is not technological but human in the aspect
of decentralized on-chain governance. Featured image from Adobe
Stock, chart from TradingView
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