Cardano (ADA): Meeting This Condition Can Trigger Upside Past $1
The ‘most developed’ blockchain platform has seen several ups and downs within the cryptocurrency space. Investors have shown hope regardless of low profitability deals. However, the narrative seems to shift as the blockchain sees Vasil hardfork hype.
Time for Money
The 6th largest crypto, ADA, has seen an impressive trading volume rate over the past years due to increasing entries. However, the profitability outlook was yet to display a lucrative case for ADA and its enthusiasts. The alternative token failed to strive for moves past $1 even with bullishness in the network.
Meanwhile, the case has somewhat changed as the stats suggest such possibilities. First and foremost, ADA price saw a 3% uptick, changing hands near $0.56 during this publication.
Surprisingly, the analytic platform, Santiment, shows ADA sentiments flashed a positive number as the altcoin price climbed by more than 22% within the last three weeks. Furthermore, ADA witnessed its most optimistic sentiment since the trading sessions of April. Moreover, the Loss/Profit ratio hovered at the highest mark since March.
The analytic platform Glassnode tweeted about the developments on August 16. It posted that the on-chain transaction ratio as profit booking vs. selling at losses stayed at the highest profit-taking mark since March’s final week.
However, investors should remain cautious amid these highs. A higher profit-taking ratio boasts a higher probability of near-term price correction. That’s why traders should remain careful.
Always Gratifying
Nevertheless, the network witnessed confidence as Cardano’s upsurge helped the altcoin secure the 6th position in the crypto ranking by market cap (Coinmarketcap data). That meant ADA overtook the remittance token, XRP.
Interestingly, the mentioned momentum prevailed even after developers debated the much-debated update. For example, Cardano’s social dominance formed a decisive turnover within the past few weeks, following a downside.
Moreover, the past three months saw the ‘richest’ ADA addresses increasing their balances by 0.17%. They held approximately 28.98B Cardano coins three days ago, and nothing seemed to have changed during this writing.
However, the question is, can that propel the alternative token beyond $1? Not really. ADA will only explode under a broad market rally. Also, bulls should ensure massive upsides to push the alt beyond its crucial $1 level.
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