Is Cardano About To Break Out? Analytics Firm Says Traders Feel Confident About ADA
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Traders are currently feeling positive about Cardano (ADA) despite a grueling six months of bearish price action, according to the crypto analytics firm Santiment.
In a new tweet, Santiment notes that crowd sentiment towards ADA has surged to its most positive levels since mid-November when the Ethereum (ETH) competitor was trading around $2.00.
“Cardano has enjoyed a modest +6% price rise in the past 24 hours, and traders have been itching for the 9th market cap ranked asset to break out.”
ADA is trading at $0.945867 at time of writing. The 9th-ranked crypto asset by market cap is down more than 3% in the past seven days.
Santiment also notes that the overall crypto market picked back up this week in terms of trading volume after a “particularly dormant” weekend.
“On a nice rebound day for crypto, trading volume has picked up significantly after a particularly dormant weekend as prices quickly jumped back to its pre-Thursday dip prices. Congrats to those who were bold enough to buy the dip this past weekend.”
In terms of specific altcoins, the analytics firm says RUNE, the native asset for decentralized cross-chain liquidity protocol THORChain, recently hit a one-year high in terms of trading volume.
“Thorchain’s trading volume was increasing parallel to its recent rally and hit one-year highs. Negative sentiment has also taken hold after the following 2-week RUNE correction, a sign of capitulation.”
The increased volume happened parallel to a price rally: RUNE shot up from trading around $3.50 in late February to more than $12.50 in late March. The 50th-ranked crypto asset by market cap has since corrected, however, and is trading at $9.27 at time of writing.
Volume has since dropped as well, according to a chart shared by Santiment.
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