If the past shapes the future, then Cardano's [ADA] price might jump by 75% within a short period. AMBCrypto made this conclusion...
Indications from the OI and liquidations suggested an initial decline below $0.46On 18 April, Cardano’s 30-day MVRV ratio hit 22.04%. The last time the metric got close to this point, ADA rallied from $0.45 to $0.72. This was back in January.However, January was not the only time Cardano made such a move. In October 2023 too, ADA jumped from $0.24 to $0.43 after a similar trend appeared on the MVRV ratio.At press time, ADA was valued at $0.46, thanks to a 3.41% 24-hour hike.
Weeks after the 3rd halving in 2020, ADA rose to $0.08 after trading at $0.04 on the day of the event. If a similarAt the time of writing, ADA’s volume was $542.97 million. While this represented an increase, it did not seem solid enough to keep Cardano in a continuous uptrend. However, if the volume rises past $1 billion, while ADA’s price appreciates too, the value might climb to $0.50. On the other hand, a declining volume couldAnother metric AMBCrypto evaluated was Open Interest . The OI decreases or increases based on net position. If it increases, it means that buyers are more aggressive. On the other hand, a decreasing OI suggests sellers are the aggressive ones.However, Cardano’s OI was not large enough to trigger a pump.
Liquidation happens when a trader’s position is forcefully closed because of high leverage or insufficient margin balance. Here, it is important to note that liquidations can have an impact on price trends. From a trading perspective, large OI and short liquidations could trigger a crypto’s price into the overhead resistance. But, ADA had higher long liquidation.
When combined with a small OI, it means that the price might dump into the underlying support. Therefore, the potential 75% surge might happen much later after Cardano slips below $0.46.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population.
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