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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Cardano Goes Bullish On-Chain: Can ADA Price Catch Up?

Christian Encila
Christian Encila
1 year ago
3 mins read
Cardano

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Cardano shows mixed signals on the technical indicators, not to mention the on-chain data. Despite bullish trends in the metrics, ADA has been unable to gain significant price momentum. At the time of writing, ADA is trading around $0.34, experiencing a slight 4% dip in the past 24 hours, leaving investors wondering whether it’s the right time to buy or wait.

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Speaking of positive vibes, Cardano received a strong vote of confidence from the crypto community. In a recent survey conducted by Weiss Crypto, ADA won the title for the altcoin with the best technology, receiving over 76% of the votes. This shows that, despite price struggles, the community still believes in Cardano’s long-term potential.

Which #altcoin has the best tech?

— Weiss Crypto (@WeissCrypto) September 17, 2024

Bullish On-Chain Signals

There’s some hope shown for ADA holders based on on-chain data. Coinglass reports that ADA’s Long/Short Ratio reads at 1.0167, meaning traders are feeling pretty bullish.

Futures Open Interest has grown by 3% in the last 24 hours and has been up since the beginning of September 2024. These kinds of signals tend to mean traders are keeping their long positions, which can, by extension, set up the environment for price increases.

For ADA, CoinCodex predicts a price rise of 16.53% and $0.405879 on October 19, 2024. On paper, these are fairly optimistic projections; however, the market sentiment and technicals overwhelmingly advise caution.

ADA market cap currently at $12.4 billion. Chart: TradingView.com

Price Struggles To Gather Steam

Despite the bullish data on-chain, ADA hasn’t managed to break out of the current range thus far. Even with the optimism indicated by the Long/Short Ratio and growing Futures Open Interest, ADA’s price is stuck at around $0.33. Further stagnation in this sense can be supported by the bearish sentiments presented within the wider crypto market that also impacts its short-term performance.

Source: Coinglass

ADA has been unable to break out from its present range even with the optimistic on-chain statistics. The altcoin’s price stays fixed near $0.33 even with the hope shown in the Long/Short Ratio and growing Futures Open Interest. The pessimistic mood of the larger crypto market, which has depressed its short-term performance, can help to explain this stalemate.

Market Sentiment Cautiously Neutral

The overall market sentiment remains neutral at 49, based on the Fear & Greed Index, which indicates caution. Where ADA’s price is said to rise in the coming weeks, most analysts are still advising one not to buy the asset yet since better bullish signals need to appear in the market first.

Source: CoinCodex

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The recent surge in whale activity could also have a role to play—on September 17, these massive crypto hodlers moved 19.5 billion ADA tokens, worth around $6.48 billion, according to IntoTheBlock. Such large movements often signal upcoming price changes, and investors are watching closely.

ADA: Community Confidence And Outlook

With mixed technical indicators, the community of Cardano is doing just fine. The Weiss Crypto survey that shows ADA outperforming Ethereum and Solana, among others, suggests the technological base of Cardano is solid.

Finally, though the on-chain metrics are bullish regarding Cardano, general market conditions are quite dim. Its short-term movement is pretty limited while there is hope in the community that the altcoin will still be able to prove its mettle as it works its way up the altcoin ladder.

Featured image from Swyftx Learn, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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