Guess what? Cardano’s ADA is making waves again! It’s clinching the title of the 11th-largest cryptocurrency with a snazzy market cap of around $13.6 billion. Hold on to your hats because things are getting interesting.
In the last 24 hours, ADA has been on fire, shooting up to a one-month high of over $0.39. Although it took a slight dip, its market cap soared to $14 billion before settling down a bit. This crypto superstar’s comeback is aligned with three key metrics that are turning heads.
First up, we have the “In the Money” indicator, which has jumped 10.5% according to IntoTheBlock. This metric shows how many ADA investors are currently smiling with paper profits. Right now, 31% of ADA holders are in the green, while 66% are still waiting for their moment to shine. Just a month ago, things were looking bleak with ADA plummeting to $0.27, leaving only 0.35% of holders with profits.
Next, let's talk big bucks! The large transaction volume, where each on-chain ADA transaction exceeds $100,000, hit a whopping $6.6 billion on September 25, marking a 12% increase in just 24 hours. That’s some serious action!
Last but definitely not least, is ADA’s NVT (network value to transactions) ratio, currently sitting at around 2.7. A low NVT ratio suggests that ADA is undervalued and could be gearing up for a bull run.
One popular analyst, CryptoBullet, has thrown out a bold prediction, expecting ADA’s price to reach around $1.80 next year before possibly dipping to $0.15. But wait, there’s more! The Relative Strength Index (RSI) for ADA is hinting at a potential correction. This nifty tool measures the speed and change of price movements, with readings above 70 suggesting overbought conditions, and anything below 30 indicating oversold conditions. ADA’s RSI is currently around 70, briefly spiking to 81 on September 24.
So, whether you’re a die-hard ADA fan or just crypto-curious, keep your eyes peeled because Cardano is playing the long game, and it’s looking pretty exciting!
