- Data released by Santiment shows that the sentiment around the Cardano Network and its native token, ADA, has become more positive.
- ADA is ranked as the 6th biggest crypto project by market cap.
- Despite the introduction of bears into ADA’s chart, there are still a couple of bullish signs.
Recent data released by the blockchain analysis company, Santiment, shows how sentiment around the Cardano Network and its native token, ADA, has become more positive over the past three weeks.
The data also indicates that ADA’s price has climbed by more than 22% over the same time period. In addition to this, the ratio of on-chain transactions as profit taking versus selling at a loss has reached its highest level of profit taking since the last week of March in 2022.
According to the crypto market tracking website, CoinMarketCap, ADA is ranked as the 6th biggest crypto project by market cap, with a market cap of approximately $18.6 billion.
This places ADA beneath Binance Coin (BNB) in the 5th position and above the remittance token Ripple (XRP) in the 7th position.
Looking at the daily chart for ADA / USDT, the price of ADA has been able to break above the resistance level at around $0.5555. However, its position above the level was not maintained for long as bears entered the market to flip the level back into resistance.
Despite the introduction of bears into ADA’s chart, there are still a couple of bullish signs that investors need to take note of.
The first bullish sign is the 9 EMA line positioned above the slower 20 EMA line. This suggests that there is still some bullish momentum present.
The next bullish sign is the MACD line being positioned above the MACD Signal line. However, ADA’s charts are bullish by a very slim margin.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinEdition. No information in this article should be interpreted as investment advice. CoinEdition encourages all users to do their own research before investing in cryptocurrencies.