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Home»ALTCOIN NEWS»Has Cardano’s rally begun? This time, let’s see if ADA can reach $1.
ALTCOIN NEWS

Has Cardano’s rally begun? This time, let’s see if ADA can reach $1.

By Crypto FlexsApril 21, 20243 Mins Read
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Has Cardano’s rally begun?  This time, let’s see if ADA can reach .
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  • A low NVT ratio indicates that the token has reached a mid-term bottom.
  • Technical analysis predicted ADA to surge to $0.82.

Signs from the adjusted 90-day NVT ratio suggest that Cardano (ADA) may be on the verge of nailing the bear in the coffin. For those unfamiliar, NVT stands for Network Value to Transaction.

A high NVT ratio means that the cryptocurrency has a high network value, but its network activity is unimpressive. In seasons like these, investor sentiment can be weak and prices can fall.

However, Cardano’s NVT obtained from Messari was -1.23. A low value like this indicates that the project’s trading volume is growing faster than its market capitalization.

Cardano’s NVT shows potential for ADA price increase.

Source: Messari

The ADA prefers cups with handles.

For ADA, the decline was a bullish signal that could herald a higher value for the token. However, AMBCrypto did not find it surprising that trading volume exceeded market capitalization.

We recently reported how ADA almost dropped out of the top 10 after other cryptocurrencies flipped their rankings. But that may no longer be the case.

At press time, the price of ADA was $0.48. This value has increased by 2.01% over the past 24 hours, thanks to the recovery of altcoins following the Bitcoin (BTC) halving.

We checked the information from a technical perspective and found that the NVT signal is valid. On the 4-hour ADA/USD chart, the token formed a cup and handle pattern from April 15th to 20th.

Here the bulls held the support at $0.44 and allowed the Cardano native token to break above the resistance at $0.47. Once the cup and handle are formed, the ADA can be integrated for some time.

This potential consolidation is verified by the Relative Strength Index (RSI). At the time of writing, RSI is down from its previous upward trend, indicating that the token is losing bullish momentum.

However, the 4.236 Fibonacci extension may rise to $0.82 in the medium term. First, the price may reach $0.76 (3.618 Fib level) before breaking above the psychological resistance of $0.80.

According to Cardano analysis, the price could reach $0.82.According to Cardano analysis, the price could reach $0.82.

Can I get 1 dollar this time?

Last year, Cardano failed to reach expected levels. So reaching that point could open the door to higher valuations than last seen in the 2021 bull cycle.

Meanwhile, the total number of ADA holders remained at 4.47 million at the time of reporting. The last time the indicator increased significantly was on April 8th, when 100,000 new addresses purchased tokens.


Read Cardano (ADA) price prediction for 2024-2025


If the number of holders holds steady over the next few days, the price of ADA may trade sideways. During that period, the value could be between $0.46 and $0.51.

Data Shows Potential Price Increase for ADAData Shows Potential Price Increase for ADA

Source: TradingView

However, demand for ADA may increase in the coming months. In this case, 1 to 1 dollar worth of ADA may be available. But for the time being, Cardano may sit on the sidelines.

Next: BOME price rises, but you should not sell just yet. Here’s why:

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