Cardano Stablecoin Djed Launch Announced: How Will ADA React? - Latest cryptocurrency news

Cardano Stablecoin Djed Launch Announced: How Will ADA React?

Cardano (ADA) has been on the rise recently, gaining significant value in the last three days. These sudden increases have impacted many other important metrics. A continuous upward trend has been observed in Cardano’s daily chart over the last few days, with its value increasing by more than 25% in just the last three days.

According to the latest data from Santiment, this price level for ADA has not been seen since June 2022. The Relative Strength Index (RSI) showed that ADA approached 90, indicating the strongest rise in a significant period, but it could also suggest a potential price correction.

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Furthermore, the Moving Average Convergence Divergence (MACD) indicator supports the current upward trend’s strength. Other fundamental metrics also highlight that the current market trend is positive. When examining the Cardano volume trend on Santiment, a notable increase was observed, with daily volume rising to levels not seen for months, exceeding $2.7 billion on December 9th.

At the time of writing, the cryptocurrency‘s volume had surpassed $2.4 billion. This indicates a strong correlation between volume and price, suggesting a healthy trend for ADA. Additionally, the chart of active addresses over the last seven days showed a significant increase. Analysis of the chart revealed that about 88,000 active accounts have been added since December 4th, with the total number of active addresses nearly reaching 300,000.

The increases in these metrics highlight the current positive trend for ADA. The funding rate of Cardano on Coinglass indicates that investor sentiment has shifted from high optimism to a more cautious outlook. The graph shows that the funding rate peaked at approximately 0.04% on December 9th, suggesting that while most investors are optimistic about price increases, a significant portion remains cautious in their approach.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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