Analyst Predicts Cardano (ADA) To Rally By 75% As MVRV Ratio Plummets
2024年4月20日 - 3:00PM
NEWSBTC
In recent weeks, ADA, the native token of the Cardano network. has
drawn much speculation due to a rather turbulent price performance
resulting in a decline of 18.77% in the past month. This negative
price movement is similar to the majority of the cryptocurrency
market following unprecedented massive dips in the price of
Bitcoin. However, despite ADA’s troubles, popular crypto
analyst Ali Martinez is backing the coin to pull off a remarkable
rebound. Interestingly, Martinez’s prediction comes as the digital
asset attempts to find its feet, gaining by 9.92% in the last day,
according to data from CoinMarketCap. Related Reading: Crypto
Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate
Support Test’ ADA Tipped To Hit $0.80, Record Yearly High In a post
on X on April 19, Ali Martinez shared that ADA may soon record an
impressive price surge. Martinez predicted the tenth largest
cryptocurrency could soon record a 75% gain due to its MVRV Ratio
being lower than -22%. For context, the Market Value to Realized
Value (MVRV) ratio is a metric used in crypto technical analysis to
assess the valuation of a digital asset relative to its realized
value. It is basically used to know if a token is overvalued or
undervalued based on its market price compared to the average cost
basis of its holders. An MVRV ratio of -22% indicates that
the market value of ADA is significantly less than its
realized value. However, Ali Martinez notes the last time the coin
was this undervalued was in June 2023, after which it rose by 75%
in the next month. Based on such historical price data, the
crypto analyst predicts ADA could replicate a similar performance
over the next few weeks, attaining a market price of $0.80, which
would represent its highest value in the last year. At the time of
writing, ADA trades at $0.46, with a 2.43% gain in the last hour.
In a similar fashion, the token’s daily volume is up by 43.07% and
$595.30 million. Related Reading: Cardano (ADA) Prints ‘Undeniable
Bull Run’ Signal: Crypto Analyst Cardano Launches New Era Of
Decentralized Governance In other news, the Cardano network
is set to commence a new era in decentralized governance, according
to an announcement by the CEO of the Cardano Foundation, Frederick
Gregaard. In an X post on April 18, Gregaard stated the full
constitution for this change in government “is on the horizon,”
with an interim constitution now going into effect. According to
the Cardano Foundation boss, the interim constitution emphasizes
core network values such as transparency, openness, and responsible
decision-making. It aims to grant each ADA holder an influence in
determining the future of the Cardano ecosystem via an inclusive
government in which all stakeholders are privileged to certain
rights and responsibilities as listed in the constitution.
ADA trading at $0.4778 on the daily chart | Source: ADAUSDT chart
on Tradingview.com Featured image from Forbes, chart from
Tradingview
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 4 2024 まで 5 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 5 2023 まで 5 2024