The Cardano (Ada) price continued to rise on Monday after gaining more than 13 %value last week. On-Chain measurements point to the rise with the highest level of long-short ratio of the island reaching the highest level of a period of more than a month. Crypto analyst Manish Chhetri ‘ According to, TEknik View and Funding The rates of data indicate that a rally targeting 20 %additional earnings for Altcoin will continue.
Altcoin bulls target 20 %gain
Cardano (Ada) price last week 61.8 %Fibonacci retreat level ($ 0.27 on August 5, $ 1,32 on December 3) was found around $ 0.67. The weekly resistance level was closed by $ 0.74 and rose by 13.21 %. At the beginning of this week on Monday, it continued to rise by 4.7 %and traded around $ 0.80.
If the $ 0.74 level per week remains support, it may extend the rally by 22 %of its current levels to re -test the highest level of $ 0.98 on January 30th. The Relative Power Index (RSI) in the weekly graph showed 53 and jumped from 50, the neutral level of last week, and pointed out that the rise momentum was preserved.
ADA/USDT weekly graphicsIndicators also support the rise!
Another sign of the rise is Coings’s island Long-short ratio and reached the highest level of a period of 1.09 to a month. This ratio on one reflects the sense of rise in the markets due to betting to rise more subcoin price.
Island long-part ratio graph. Source: coinglassAccording to Coings’s OI-Agricultural Funding Rate data, the number of traders that bets that the island price will fall further is less than those waiting for a price increase. This index is based on the return of futures weighted transaction contracts according to open interest rates. In general, a positive ratio (Longs pay to Short) shows the tendency to rise, while negative figures (Shorts pay to Longs) show a decrease tendency.
In the island example, the Metric Sunday, from 0,0007 %to 0.0016 %on Monday, reflected a positive ratio, and the Longs showed that they paid to Short. This scenario usually points to a potential upward print on the price of Altcoin, pointing to the sense of rise in the market.
Island OI-Aging Funding Rate graph. Source: coinglassThe opinions and estimates in the article belong to the analyst and are not definitely investment advice. Kriptokoin.comWe recommend that you do your own research before investing.
