Cardano (ADA) has witnessed a significant increase in its funding rate over the past few weeks, according to analytics firm Coinglass. Despite a notable drop on December 23, from approximately 0.04% to 0.01%, the rate rebounded to 0.03% at the time of writing. A positive funding rate suggests bullish sentiment, indicating growing optimism among investors.
Cardano’s price chart has shown a continuous decline in recent days, hinting at a potential increase in long liquidations depending on press time trends. On December 24, ADA experienced a loss of over 3%, closing around $0.59. However, the price trended upwards by 2% to $0.60 when the article was penned, signaling a recovery from a three-day downturn that resulted in a 6% loss in value.
Despite volatility, Cardano has maintained a generally positive trend since the beginning of December, evident in its moving averages and Relative Strength Index (RSI). The short-term average consistently staying above the long-term average has been a bullish indicator, with the RSI hovering around 60, above the neutral line, suggesting a strong upward momentum.
Cardano’s chart analysis over the past weeks generally points to a positive trajectory, despite fluctuations. Beyond price trends, another encouraging metric for Cardano is its Total Value Locked (TVL). According to DefiLlama, the TVL has remained around $400 million since its rise in October, despite volatility, standing at approximately $407 million at the time of writing.
The resilience shown by ADA’s price analysis and the stability of its TVL are indicative of a robust ecosystem capable of weathering market fluctuations. The data reflects a growing confidence in Cardano’s performance and potential for sustained growth.
Overall, Cardano’s recent developments and analytics reports suggest a cautiously optimistic outlook for the cryptocurrency, with positive funding rates and price analysis underscoring the market’s faith in ADA’s future trajectory.