Cardano added a new badge to recently achieved milestones
ADA price was conventionally unaware of the incident

Indigenous assets on the Cardano [ADA] chain surpassed seven million, the network’s real-time information portal, Adaverse, reported. According to the trusted Cardano data provider, the Proof-of-Stake (PoS) is actually crossed the 7.2 million mark.

Interestingly, this came after Cardano wallets launched a breathtaking monument.

Read from Cardano [ADA] Price prediction 2023-24

In a follow-up update, Adverse tweeted that the network was able to surpass 66,000 transactions in the past 24 hours. However, it has become common for ADA to reach certain climaxes without converting them into positive price action.

The latter was also not different compared to the previous answers.

No days off

Based on data from CoinMarketCap, these two milestones would have led ADA to a value drop of just 0.74% in the past 24 hours. Therefore, build on its weekly dispersal of 4.05%. Through its price action, the Bollinger Bands (BB) showed that ADA halted its recent volatility surge.

As it contracted, ADA could continue to languish in its tight trading pattern around $0.31. In addition, the price hitting the upper band level meant that ADA reached an oversold level. This implied a prospect of a further fall in prices.

Source: TradingView

Relative Strength Index (RSI) indications also seemed to match the BB signals. At the time of writing, the RSI was 57.94, as shown in the chart above. However, the trend depicted by the indicator showed that it was moving towards the overbought territory. If reached to 70, a strong price reversal would be the case.

ADA showed indecision in terms of the Directional Movement Index (DMI). This was because neither buyers nor sellers had a solid lead over each other. When reviewing the timepiece, the positive DMI (green) was 25.21. For the negative DMI (red), it was 24.27.

With such a short distance, the Average Directional Index (ADX) in yellow has exonerated itself from supporting any solid directional movement. Hence, ADA price opportunities were stuck in the consolidation of the $0.3 region.

It’s still a chance, right

Since ADA did not demand an increase to $0.4, the Market Value to Realized Value (MVRV) z-score showed that ADA could have been valued more. This claim was due to the fact that the MVRV z-score increased to 1,215. While it was a huge drop from the Nov. 7 mark, it showed signs that ADA was only fair value.

For its one-day realized capitalization, Santiment showed that ADA had fallen off the cliff. This meant that ADA holders spent on average more to acquire the tokens than the currently allocated value. So this mainly resulted in losses for investors who had held for the long term.

Source: Sentiment

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