April 19, 2024 8:18 AM | 2 min read |
Cardano (CRYPTO: ADA) has been trading sideways over the past month, but analysts remain optimistic.
What Happened: Crypto chart analyst, Ali Martinez forecasts “another impressive rebound” for Cardano, after its market value to realized value dropped to under 22%.
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The MVRV ratio (Market Value to Realised Value) represents the ratio between the current price and the realised price of an asset. A value under 1 is considered as a negative MVRV value and may serve as a signal than an asset is underpriced.
Another trader provided technical analysis in this tweet, saying “We are getting some bullish divergence on the 4hr Cardano chart. While the price is tanking, RSI starts to go up this is usually a bullish sign and the price could follow.”
Frederik Gregaard, CEO of the Cardano Foundation, announced on his official X account that Cardano is on the “verge of a new era in decentralized governance.” He adds that this is the interim constitution and the full constitution is upcoming. He stresses that this will be a “foundational framework” for its ecosystem.
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In his thread, Gregaard touts Cardano “as a model of strong blockchain governance.”
Also Read: Cardano Tumbles 10% On The Week As Grayscale Dumps Its Holdings
Why It Matters: While Cardano’s annual gains stand at 11.6%, it is down 23.4% month-over-month, reflecting the altcoin’s struggle to reach its April 2022 threshold of $1. Over the past 24 hours, ADA is up 4.5% on 4.7% greater trading volume.
IntoTheBlock data shows a 5.8% increase in large transaction volume, reaching $11.9 billion, while the number of transactions exceeding 100,000 rose from 615 on April 17 to 716 on April 18.
68% of Cardano holders have held their tokens for more than a year, while 27% have been holding for between one and twelve months.
What’s Next: The influence of altcoins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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