CandleFocus Cardano Founder: ADA Is Still a Top Crypto Despite Volatility
2024-10-05
Author: Content Editor
Cardano founder Charles Hoskinson has expressed his confidence in the cryptocurrency, emphasizing its decentralized governance and upcoming roadmap developments despite market volatility. While Cardano's trading volume has decreased, there is still a bullish sentiment among traders, with a stronger bias towards upward price movement. However, Cardano holders are facing challenging market conditions, with 75% currently at a loss. Institutional investors continue to show interest, with large transactions worth over $29 billion recorded in the past week. The trading volume for Cardano is relatively low, indicating cautious sentiment. The Relative Strength Index (RSI) suggests a mildly bullish trend, and there is a potential for a bullish reversal if buying momentum increases. However, the Moving Average Convergence Divergence (MACD) remains in bearish territory, although a crossover could lead to a bullish reversal.
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