Cardano (ADA) Climbs to Weekly High, Poised For More Upside



Last week’s rally in the altcoin market has led to a spike in Cardano’s (ADA) value. Exchanging hands at $0.40 at press time, the price of the tenth cryptocurrency by market capitalization has risen by 22% in the past seven days.



At its current value, the altcoin sits at its highest price level during the period in review.



Cardano’s Price Rally Puts Daily Traders in Profit

Cardano’s (ADA) double-digit price rally over the past week has put a number of its holders in profit. BeinCrypto assessed the daily ratio of ADA’s on-chain transaction volume in profit to loss using a seven-day moving average, and it returned a value of 1.05.

Cardano Ratio of Daily On-Chain Transaction Volume in Profit to Loss. Source: Santiment

This metric measures the proportion of an asset’s profitable versus unprofitable daily transaction volume. A ratio greater than 1 indicates that more volume was transacted at a profit than at a loss, suggesting a generally positive market sentiment. Conversely, when the metric’s value is below zero, it indicates that more volume was transacted at a loss than at a profit.



ADA’s ratio of 1.05 indicates that over the past week, for every transaction resulting in a loss, an average of 1.05 transactions yielded a profit. This means there have been more profitable transactions than those resulting in losses.



Further, ADA’s rising Relative Strength Index (RSI) suggests that the price hike is backed by an actual demand for the coin. The metric is in an uptrend at press time and rests at 53.66.

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