- ADA continued to show a positive trend, with a 6% growth as of time of publishing.
- Unrealized loss/profit volume has risen for the first since 2023.
Cardano [ADA] This has been a major news story as the price is now over $1. It’s a significant level that we haven’t seen for more than one year. This significant milestone was supported by on-chain activity and social engagement as well as price momentum.
Cardano’s price is on the rise, but can it sustain this momentum?
Price action is supported by on-chain metrics
AMBCrypto analysis shows that Santiment data, Cardano’s Daily active addresses are up, showing increased activity.
In the last week, ADA price has risen dramatically and the number of wallets active have increased.
Nearly 94,000 active addresses were recorded at the end of the trading day on November 22nd. The first time this number was recorded in several months.
The increase in activities reflects growing investor and utility confidence.
Santiment
Cardano’s Network Realized Profit/Loss increased to $94 Million in the latest trading session. This suggests that many investors took advantage of recent price changes.
This is in line with the broader sentiment of the market, as ADA consistently recorded gains during the last couple weeks.
Santiment
Social volume, sentiment boost Cardano
Cardano’s The social volume explosion is a sign of the growing importance in crypto.
The social volume tracker tracks mentions of ADA and discussion on various platforms. Recent spikes have highlighted a rise in interest from the community.
Santiment
According to AMBCrypto, in the final trading session of the 22nd November, the Social Volume soared above 1,000, an unprecedented level.
In the past increased social activities have been correlated with changes in price, drawing new investors to the market and boosting bullish sentiment.
Cardano’s technical indicators indicate strength
Technically, Cardano’s Strong indicators supported the movement of Bitcoin above $1.
The RSI (Relative strength Index) indicated that ADA had reached the region of overbought at the time of press, which reflected strong purchasing pressure.
MACD confirms this positive momentum. Its lines are diverging up, indicating a continued upward trend.
Price chart highlighted the importance of ADA’s break through 200-day moving median, a level that was a major resistance.
ADA is well-positioned for a bullish stance as long as the market remains favorable.
TradingView
This tool gave a better perspective of ADA’s pricing action.
After breaking through critical resistance levels, ADA has surpassed the 61.8% retracement level of its previous downtrend—a key bullish signal.
The Fibonacci target for ADA’s next important step is near $1.10.
The next significant resistance could be the $1.20 level of 78.6%, giving investors a roadmap that can help them decide whether to continue building or take profits.
Here are some realistic or non-realistic examples. ADA’s market cap in BTC’s terms
The 61.8% retracement has been breached and the ADA appears to be on a new path.
Cardano is on a solid upward trajectory, and the metrics and bullish signals indicate this.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
