25 April, 2024

Cardano (ADA) Hits Historic Low Volatility: Bullish Signals Emerge

15 Sep, 2023

27 Nov, 2023

  • ADA Whale reports historically low volatility levels in the Cardano market, significantly dropping from over 100% a year ago to 67%.
  • Technical indicators suggest bullish sentiment in the Cardano market.
  • Stochastic RSI reading of 92.28 indicates Cardano is currently overbought, signaling the potential for price correction.

ADA Whale, a prominent figure in the Cardano community, recently shed light on the current state of cryptocurrency volatility. According to his post on X, the crypto market, particularly Cardano (ADA), is experiencing some of its lowest volatility levels in history. The ADA/USD 3-month daily annualized volatility stands at 67%, a significant drop from over 100% just a year ago. Delving deeper into historical data, ADA Whale pointed out that since February 2018, volatility has been higher 93% of the time.

According to the latest date from CoinMarketCap, ADA has recorded a price surge of 1.57% and is exchanging hands at $0.2512. The bulls have established a support level of $0.2465 and a resistance level of $0.2547. The current market capitalization has also recorded an increase of 1.48% and is currently at 1.48%. The current optimism in the ADA market might continue in the near future, as indicated by the increase in the trading volume of ADA, which has recorded a price increase of 0.09% to 0.09%.

ADA/USD 24-hour price chart, Source: CoinMarketCap

The bullish sentiment in the Cardano market might continue in the hours ahead, as indicated by the Relative Strength Index (RSI), which moves above its signal line. The current readings of the RSI line 40.54 suggest that the market is still in a neutral zone, with potential for further upward movement.

The Stochastic RSI reading of 92.28 suggests that the ADA is currently in an overbought condition. This indicates that there may be a higher probability of a price correction or reversal in the near future. Hence, investors and traders should be extra cautious when entering the Cardano market.

The Moving Average Convergence Divergence indicator is moving above its simple moving average (SMA), indicating that the current bullish sentiment in the ADA market might continue in the market in the hours ahead. The bullish mood is further solidified by the formation of a trajectory histogram on the positive region, further supporting the bullish sentiment in the Cardano market.

ADA/USD 24-hour price chart Source: TradingView

Despite experiencing historically low volatility levels, Cardano shows signs of bullish sentiment with a recent price surge and supportive technical indicators. However, investors and traders should tread cautiously as the Stochastic RSI suggests that ADA is overbought, potentially signaling a price correction or reversal in the near future.


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