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Cardano price prediction – Perfect time to buy ADA after 25% dip?
The post Cardano price prediction – Perfect time to buy ADA after 25% dip? appeared on BitcoinEthereumNews.com. ADA’s price has fallen by 25% in the last 30 days. Readings from key on-chain metrics suggest that now might be a good time to buy the altcoin. Cardano [ADA] may be due for a price rally as a key on-chain metric flashes a buy signal, Santiment noted in a new post on X (formerly Twitter). ???? According to the Relative Strength Index, the majority of top market cap #cryptocurrencies are in slight buy zones. This popular momentum oscillator, which is commonly used in technical analysis, suggests #Cardano as a potential buy low candidate. https://t.co/czXDUodAY3 pic.twitter.com/hhYEwIkQZT — Santiment (@santimentfeed) May 7, 2024 According to the on-chain data provider, ADA’s Relative Strength Index (RSI), which helps its traders identify overbought or oversold conditions, is, “Notably low compared to other caps, making it a slightly better buying opportunity.” The RSI is a momentum indicator that measures the magnitude and speed of asset price movements. Traders also use it to track potential trend reversals. When it returns a value above 70, the asset is deemed overbought, and there is a potential price correction. When its value is “low” and below 30, the asset is oversold, and there is a potential upward price movement. ADA’s RSI was 29.97 at press time, signaling that the coin was oversold. Source: Santiment Prepare to ape in To confirm whether the time is right to buy ADA, it is important to assess its Market Value to Realized Value (MVRV) ratio. This metric tracks the ratio between an asset’s current market price and the average price of every coin or token acquired for that asset. A positive MVRV ratio above one signals that an asset is overvalued. It suggests that the asset’s current market value is higher than the price at which most investors acquired their holdings. Conversely, a…
The post Cardano price prediction – Perfect time to buy ADA after 25% dip? appeared on BitcoinEthereumNews.com.
ADA’s price has fallen by 25% in the last 30 days. Readings from key on-chain metrics suggest that now might be a good time to buy the altcoin. Cardano [ADA] may be due for a price rally as a key on-chain metric flashes a buy signal, Santiment noted in a new post on X (formerly Twitter). ???? According to the Relative Strength Index, the majority of top market cap #cryptocurrencies are in slight buy zones. This popular momentum oscillator, which is commonly used in technical analysis, suggests #Cardano as a potential buy low candidate. https://t.co/czXDUodAY3 pic.twitter.com/hhYEwIkQZT — Santiment (@santimentfeed) May 7, 2024 According to the on-chain data provider, ADA’s Relative Strength Index (RSI), which helps its traders identify overbought or oversold conditions, is, “Notably low compared to other caps, making it a slightly better buying opportunity.” The RSI is a momentum indicator that measures the magnitude and speed of asset price movements. Traders also use it to track potential trend reversals. When it returns a value above 70, the asset is deemed overbought, and there is a potential price correction. When its value is “low” and below 30, the asset is oversold, and there is a potential upward price movement. ADA’s RSI was 29.97 at press time, signaling that the coin was oversold. Source: Santiment Prepare to ape in To confirm whether the time is right to buy ADA, it is important to assess its Market Value to Realized Value (MVRV) ratio. This metric tracks the ratio between an asset’s current market price and the average price of every coin or token acquired for that asset. A positive MVRV ratio above one signals that an asset is overvalued. It suggests that the asset’s current market value is higher than the price at which most investors acquired their holdings. Conversely, a…
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