ADA Is Still a Top Crypto Despite Volatility
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Cardano’s price is $0.352889, with a market cap of $12.34 billion, despite a 41.97% drop in derivatives trading volume. Despite market volatility, 72% of Cardano holders have held their positions for over a year, showing strong long-term belief. Cardano’s RSI at 56.05 indicates a mild bullish trend, while the MACD hints at a potential crossover for a bullish reversal. Cardano founder Charles Hoskinson took to X to reaffirm his belief in Cardano (ADA) as a top cryptocurrency. He highlighted its decentralized governance and upcoming roadmap developments as key strengths, even with current market volatility. For those wondering, Cardano is still number 1. It’s not even close with Decentralized governance and all the amazing roadmap items coming — Charles Hoskinson (@IOHK_Charles) October 4, 2024 Price and Market Overview Cardano’s price stands at $0.352889, with a 24-hour trading volume of $205.82 million. It increased 0.50% over the past day, bringing its total market cap to $12.34 billion. ADA has a circulating supply of 34.96 billion coins and a maximum supply of 45 billion. However, the broader ADA market remains volatile. Derivatives data shows Cardano’s trading volume fell 41.97% to $197.98 million. Options volume dropped even more sharply, decreasing by 92.94%, suggesting a shift in trader sentiment. Bullish Sentiment Dominates Despite Market Fluctuations Despite the drop in derivatives activity, bullish sentiment prevails on major platforms like Binance and OKX. Binance’s ADA/USDT long/short ratio currently stands at 2.75, indicating a stronger bias towards upward price movement. Long positions are dominant, though $137.57K in positions were liquidated in the past 24 hours, affecting both long and short traders equally. Open interest also saw a minor decline of 1.41%, totaling $208.66 million. This slight dip indicates cautious trading behavior, though opportunities remain for those looking to capitalize on future price shifts. Read also: Cardano’s “Ghost Chain”…
Filed under: News - @ October 5, 2024 1:25 pm