Can ADA Price Catch Up?

Cardano shows mixed signals on the technical indicators, not to mention the on-chain data. Despite bullish trends in the metrics, ADA has been unable to gain significant price momentum. At the time of writing, ADA is trading around $0.34, experiencing a slight 4% dip in the past 24 hours, leaving investors wondering whether it’s the right time to buy or wait.

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Speaking of positive vibes, Cardano received a strong vote of confidence from the crypto community. In a recent survey conducted by Weiss Crypto, ADA won the title for the altcoin with the best technology, receiving over 76% of the votes. This shows that, despite price struggles, the community still believes in Cardano’s long-term potential.

Which #altcoin has the best tech?

— Weiss Crypto (@WeissCrypto) September 17, 2024

Bullish On-Chain Signals

There’s some hope shown for ADA holders based on on-chain data. Coinglass reports that ADA’s Long/Short Ratio reads at 1.0167, meaning traders are feeling pretty bullish.

Futures Open Interest has grown by 3% in the last 24 hours and has been up since the beginning of September 2024. These kinds of signals tend to mean traders are keeping their long positions, which can, by extension, set up the environment for price increases.

For ADA, CoinCodex predicts a price rise of 16.53% and $0.405879 on October 19, 2024. On paper, these are fairly optimistic projections; however, the market sentiment and technicals overwhelmingly advise caution.

Price Struggles To Gather Steam

Despite the bullish data on-chain, ADA hasn’t managed to break out of the current range thus far. Even with the optimism indicated by the Long/Short Ratio and growing Futures Open Interest, ADA’s price is stuck at around $0.33. Further stagnation in this sense can be supported by the bearish sentiments presented within the wider crypto market that also impacts its short-term performance.

ADA has been unable to break out from its present range even with the optimistic on-chain statistics. The altcoin’s price stays fixed near $0.33 even with the hope shown in the Long/Short Ratio and growing Futures Open Interest. The pessimistic mood of the larger crypto market, which has depressed its short-term performance, can help to explain this stalemate.

Market Sentiment Cautiously…