Cardano’s (ADA) Price managed 13.5%of 13.5%in March after 32%of deep in February. Altcoin still decreased by 15% in the first quarter, but technology data has recently begun to point out positive price measures.
Cardano 1st chart. Source: COINTELEGRAPH/TradingView
Although the ADA price has moved from $ 0.78 to $ 0.70 over the last 10 days, social feelings related to Altcoin have reached the highest level until the new year.
Cardano’s “rollish” sentiment rises to four months high.
According to Santiment, an onchain intelligence platform, Cardano’s social sentiment showed the highest positive measurement in four months.
ADA investors have classified Cardano’s use cases as “smart contracts for government services” due to the recent opinion of US Securities and Exchange Commission (Sec). Following the SEC statement, since the first week of November 2024, the highest ratio of ADA’s positive opinions has followed.
Cardano’s crowd emotion score. Source: x.com
Increasing social feelings often match the increase in trading activities and sometimes higher prices. In the fourth quarter of 2024, positive social feelings and aggressive transactions joined hands to ADA. But the environment is slightly different.
Cardanoscan.io’s data showed a distinct difference between early November 2024 and the number of active transactions. In the fourth quarter, the average number of transactions remained at more than 100,000 in November and December, but now it has fallen 70%and the number of transactions is 26,437 on March 18.
Daily trading number and commission chart. Source: Cardanoscan.io
Michael Heinrich, the CEO of 0G Labs, said that the strength of Cardano was in the community’s “lobby,” regardless of the weak Onchain activity. Heinrich said ADA and XRP were included in US digital asset stocks.
“They have time in the game. This token has been around for a while, liquid, and suddenly I don’t think I’m surprised.”
Related: Cardano’s ADA LANDS Spot in US Digital Asset Stockpile -Is value?
Does ADA collect 20%at the end of March?
Regardless of overwhelming onchain data, ADA Price has accepted positive news in the past.
Altcoin has maintained a position above 0.50 Fibonacci Retression Line despite the downward trend since the ADA trends in 2024. This indicates that the ADA’s High-Time Frame (HTF) chart remains in a technical rise.
ADA/USDT 1 day chart. Source: TradingView
Cardano vibrated between parallel channels and at the same time supported the upside trend line (black line). At present, immediate resistance is in the upper range of the channel and is at $ 0.78, which is supported by the 200-day index moving average (200-DEMA, Orange Line). The amount of candles close to the 200-DEMA on the daily chart shows optimistic changes and can potentially cause more than $ 0.78 movement.
The immediate goal of $ 0.78 or more is from 0.84 to $ 0.88, where there is a daily fair value difference (FVG). The $ 0.88 reinvestment is a 20% profit from the current price.
Historically, however, Cardano can move to the side of a long period of time to limit immediate benefits. Rest of $ 0.78 or more verifies additional confirmation of the rally, but until then Altcoin can continue to maintain the range between $ 0.78 to $ 0.70.
Related: Bitcoin is just looking at ‘normal correction’. Cycle Peak hasn’t come yet.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.