Is Cardano About To Break Out? Analytics Firm Says Traders Feel Confident About ADA

Is Cardano About To Break Out? Analytics Firm Says Traders Feel Confident About ADA

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Traders are currently feeling positive about Cardano (ADA) despite a grueling six months of bearish price action, according to the crypto analytics firm Santiment.

In a new tweet, Santiment notes that crowd sentiment towards ADA has surged to its most positive levels since mid-November when the Ethereum (ETH) competitor was trading around $2.00.

“Cardano has enjoyed a modest +6% price rise in the past 24 hours, and traders have been itching for the 9th market cap ranked asset to break out.”

Source: Santiment/Twitter

ADA is trading at $0.945867 at time of writing. The 9th-ranked crypto asset by market cap is down more than 3% in the past seven days.

Santiment also notes that the overall crypto market picked back up this week in terms of trading volume after a “particularly dormant” weekend.

“On a nice rebound day for crypto, trading volume has picked up significantly after a particularly dormant weekend as prices quickly jumped back to its pre-Thursday dip prices. Congrats to those who were bold enough to buy the dip this past weekend.”

Source: Santiment/Twitter

In terms of specific altcoins, the analytics firm says RUNE, the native asset for decentralized cross-chain liquidity protocol THORChain, recently hit a one-year high in terms of trading volume.

“Thorchain’s trading volume was increasing parallel to its recent rally and hit one-year highs. Negative sentiment has also taken hold after the following 2-week RUNE correction, a sign of capitulation.”

Source: Santiment/Twitter

The increased volume happened parallel to a price rally: RUNE shot up from trading around $3.50 in late February to more than $12.50 in late March. The 50th-ranked crypto asset by market cap has since corrected, however, and is trading at $9.27 at time of writing.

Volume has since dropped as well, according to a chart shared by Santiment.

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Featured Image: Shutterstock/DDevecee

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