It can be hard to get your bearings and predict when the tide will turn when some coins and tokens are swimming crimson while others are still green. This is what the signals had to say about Cardano [ADA] To that end.
Bullish signs on the way
At press time, ADA is trading at $0.511 down 6.62% in the last 24 hours. Cardano was one of the assets that bucked the trend during a week dominated by outflows, according to CoinShares’ latest weekly digital asset fund flow report.
The report states that minor inflows were seen in a variety of altcoins, the most famous of which were Cardano and Polkadot, which received $1 million in inflows.
However, the success of an asset is about more than its price and cash flows. Cardano development activities have been in decline since early May, according to data from Santiment. Despite a significant improvement since the middle of the month, the metric is still well below its late-2021 highs.
Cardano price indicators, on the other hand, were more bullish. The Bollinger Bands appeared to be narrowing, indicating that volatility could be decreasing. In addition, the Relative Volatility Index [RVI] it was above 50, implying that future volatility could drive the ADA price higher.
Overall, even if ADA price was declining at press time, this could be good news for the bulls. However, keep in mind that as CoinShares research indicates, the general sentiment is unfavourable.
What’s in June?
Finally, June could bring a very different assessment of the ADA moves. With the Cardano community eagerly awaiting the Vasil hard fork that is currently scheduled for June 2022, some key metrics like price, weighted sentiment, and development activity could see drastic changes either up or down.
If Alonzo’s delivery in 2021 is any indicator, media coverage of Cardano updates could have an impact on investor sentiment.
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This post As Cardano Community Waits For Vasil Hard Fork, Here’s How June Looks For ADA Price – Coinpedia – Fintech & Cryptocurreny News Media
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