ADA prices are up over 4% in the last 24 hours.
Investor sentiment towards #ADA appears bullish on most indicators.
Cardano's [ADA] performance over the past few hours has been the best among the top 10 #cryptocurrencies . This has led to the ADA price reaching important levels and is on the verge of breaking out of the bullish pattern.
Popular crypto analyst World Of Charts recently posted a tweet highlighting the bullish pattern forming on the ADA chart. According to this tweet, the ADA price has reached the upper trend line of the bullish flag pattern.
A break above this mark could lead to an explosive rally. The tweet stated that a breakout could lead to ADA reaching the $1 mark in the coming weeks.
ADA's price performance supports this possibility, making it one of the growth leaders among the top 10 cryptocurrencies; according to CoinMarketCap, #Cardano has gained more than 4% in value over the past 24 hours.
At the time of writing, ADA was trading at $0.4603 and has a market capitalization of over $16.4 billion, making it the 10th largest #cryptocurrency .
The token's trading volume also increased by 74% along with the price, which is usually a positive signal.
AMBCrypto analyzed Santiment data for indicators to support this price increase and found that the ADA funding ratio dropped slightly on May 9.
This was a bullish signal, as prices typically move in the opposite direction of the funding ratio.
A higher ratio means that ADA has been traded more frequently over a period of time. Another bullish indicator is the MVRV ratio, which has improved significantly due to the recent increase in ADA prices.
What is the future of ADA?
In addition, investor confidence in Cardano has increased over the past few hours. According to sentiment data analysis, the weighted ADA sentiment score has moved into positive territory.
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