卡尔达诺

**Is Cardano on the verge of breaking $0.7477? ADA may be poised for a major rebound!**

Cardano (ADA) is showing a bullish pattern recently, with $0.7477 being a key resistance level!🚀

1️⃣ Bullish reversal pattern: The inverse head and shoulders pattern for ADA is forming, and breaking through the $0.7477 neckline could mean a significant rebound is on the way! The current price is at a crucial support level, and a breakout could ignite upward momentum. 📈

2️⃣ Surge in user activity: In the past week, both address growth and activity have accelerated, showing a significant increase in speculative interest and user participation. 🔥

3️⃣ Low MVRV: ADA's MVRV index is in a neutral zone, indicating that the price is not yet overvalued, presenting substantial potential for upward movement! 💡

Breaking through $0.7477 is crucial! If successful, ADA could initiate a new upward trend; otherwise, it may continue to consolidate. 🧐

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Cardano (ADA) Price Soars, Optimistic Expectations Drive Potential 20% Increase

Recently, the price trend of Cardano (ADA) has been eye-catching, with its price soaring over 13% last week and maintaining this strong momentum on Monday. As market optimism for ADA continues to grow, on-chain data is also showing positive signals, indicating that the ADA price is likely to rise further.

From a low of $0.27 on August 5 to a high of $1.32 on December 3, ADA's price has experienced significant volatility. Last week, ADA established a support level of about $0.67 at the 61.8% Fibonacci retracement level and successfully rose by 13.21%, closing above the weekly resistance level of $0.74. Entering this week, the ADA price continued to surge, rising 4.7% on Monday and trading near $0.80.

If the weekly level of $0.74 can solidify as a support level, the ADA price is expected to rise further by 22%, retesting the January 30 high of $0.98. This expectation is not unfounded, as the relative strength index (RSI) on the weekly chart has rebounded from a neutral level of 50 last week to 53, indicating that ADA's bullish momentum remains strong.

Additionally, the long-short ratio of ADA has reached its highest level in over a month at 1.09. This data suggests that more and more traders are becoming optimistic about the price trend of ADA, betting on its price increase. When the long-short ratio exceeds 1, it signifies a positive market sentiment and confidence in ADA's future.

At the same time, weighted financing rate statistics also reveal the market's view on ADA's price. The data shows that the number of traders believing ADA's price will decline is less than those expecting a price increase, further confirming the market's optimistic outlook for ADA.

In summary, with the increasing market optimism for Cardano (ADA) and positive on-chain data signals, the ADA price is likely to rise further. However, investors should remain cautious when making decisions and closely monitor market dynamics and risk factors.

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