Cardano is on a roll when it comes to “successful rallies” and the altcoin has been making substantial gains. Last month, the coin set new all-time highs and less than 3 days ago it topped $ 3. Now that the coin has become the third largest cryptocurrency, all eyes are on it. So amid this anticipation, will the ADA be able to sustain this increase?
The Cardano hype continues
In a few days, the world will witness the Cardano Summit 2021 from September 25 to 26. Cardano has been going up because of the hype, but that hasn’t really helped the price much.
For fifteen days, ADA’s price action was stable, dropping just 1.65%. This disputes single day changes. And even though the $ 3 mark was reached 2 days ago, there is some skepticism as to when it could happen again.
So even if ADA breaks above $ 3 again, some consolidation is expected between $ 3.2 and $ 2.45. Now, it’s important to consider how investors reacted to your $ 3 breach.
Investors remain confused
In the days after the fluctuations in the $ 3 zone, the market also witnessed bearish behavior on the part of retail investors. Long sales were already stronger than short sales throughout the month. And now it seemed they were dominating the market.
In addition, there is also the possibility that the whales are transferring their properties. This can be inferred from the large transactions (worth more than $ 100k) that occur in the market. More than $ 136.83 billion in ADA moved, in the last 3 days.
The good news is that any bearish sentiment can be put aside considering the high funding rate. Added to this is open interest, which is at an all-time high.
More movement is still needed in the spot market, because volumes will not sustain this rally for long.
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