Cardano (ADA) May Rise by 30%, But Watch Out for Risks
ADA, the beloved child of the Cardano blockchain, has been dropping for the past three weeks, but it seems like it’s about to turn around. Why do I say that? Market sentiment has improved, and the price of ADA is also becoming more positive.
Speaking of which, since early December 2024, the price of ADA has dropped more than 40%, struggling to hold above $1. However, traders and investors are keeping an eye on it, and the price of ADA seems to be making a comeback with strong momentum.
Experts say that ADA is currently hovering around the tough barrier of $0.95. If it breaks through and stabilizes above $1, then in the next few days, a 30% increase to $1.25 is not impossible.
But if it can’t break through and falls below $0.85, then it might have to find support around $0.72.
The good news is that ADA’s Relative Strength Index (RSI) is nearing oversold territory, which suggests it may rise in the coming days.
On-chain data also supports the notion that ADA is set to rise. Coinglass reports that long-term holders and traders have been drawn in. In the past week, $98 million worth of ADA tokens have flowed out of exchanges.
Furthermore, trader participation has surged, with ADA open interest increasing by 8%, more trading activity, and clear upward momentum.
Currently, the price of ADA is nearly $0.94, having risen 5.10% in the past 24 hours, and trading volume has increased by 18%, and it’s still rising. Traders and investors are energized by the bullish outlook, and participation has increased significantly.
But that said, investing carries risks, so proceed with caution.
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