Cardano (ADA), over the last seven days, managed to grow by 16% as it rallied together with majority of its fellow altcoins during this week’s bullish run.
According to tracking, at press time CoingeckoDigital asset trading at $0.405. The digital asset has seen a 6.4% increase in value over the last two weeks, and its losses for 30 days have been reduced to 9.2%.
Additionally, digital currencies managed to increase their overall liquidity. ValuationWith a market value of $14.185billion, it has increased its share by more than $1 billion. It is now ranked 8ThThe largest cryptocurrency found in this department.
Last October 25, Cardano’s market capitalization was only at $12.35 billion.
Indeed, ADA is gaining from this rally. As to until when this trend will continue, it’s still anyone’s guess.
Are ADAs worth buying now?
Bullish signals indicators are outnumbered by bearish, 17. To 16. Despite this, the sentiment toward the asset continues to favor the bears.
Cardano oscillators are neutral. A deeper dive revealed a score of 8. One was pointing towards the “buy” direction while two were headed to “sell” zone.
However, by law of moving averages (AM), the crypto managed to stay on the “buy” range, hinting that this might be a good time to start accumulating the altcoin.
The digital currency is a positive development that may be beneficial to some.
The Cardano network has just launched a wallet upgradesnetwork and the number running smart contracts on its blockchain has significantly increased in recent days.
The ADA community feels confident it will trade at $0.51 before the end of the month.
What’s Ahead For Cardano
However, traders and investors should be aware that cryptocurrency is susceptible to the high volatility the space is well-known for.
In reality, the Cardano community believes in a higher trading rate next month. However, forecasts from CoincodexYou can argue otherwise.
The crypto will trade at $0.382 over the next five trading days. This is a drop of almost 7%. It could immediately erase its gains from the past few days.
The online crypto tracker and data provider’s 30-day forecast is more worrying, as ADA might end up plummeting all the way to $0.214.
ADA total market value at $1.3bn on the daily chart| Featured image from Coinpedia, Chart: TradingView.com Disclaimer: The author's analysis should be considered personal and not as investment advice.