Cardano Bull Market (Ada): Price Action Analysis

There are few assets in the cryptocurrency world that has constantly proved a strong and sustainable growth trajectory. Among them is the Cardano (Ada), the decentralized Blockchain platform that has been waved in the cryptocurrency market for many years. In this article, we will take a closer look at the ADA price actions during the recent bull market.

What is the price action?

Before immersing the action of ADA price, it is necessary to understand what the price act means in the context of cryptocurrency trading. Price action means visual changes in cryptocurrency prices over time, including heights and lowlands, falls and spikes and other noticeable prices.

In the case of Cardano (ADA), our analysis will focus on its historical price actions during the recent bull market, from 2017. October By 2023 February During this period, Ada has experienced a significant price increase, which we will examine further.

Historical price action:

To understand why the Cardan price action was so big, let’s look at some of the main metrics:

* Daily volume: On average, ADA daily volume increased by 20% every day through its bull market. This indicates a high level of purchase activity.

* Open interest: ADA Open Interest (Oops) has increased several times to more than 1 million over this period, indicating high demand for institutional and retail traders.

* Relative Strength Index (RSI):

Ada RSI has been resented in the area throughout its bull market running and the readings were less than 30. This usually indicates that the property must be associated with retreat.

Now let’s take a look at the price itself:

| Date | High | Low | Change |

| — | — | — | — |

| 2017 October 31 | $ 0.29 | $ 0.02 | 1.444% |

| 2017 November 28 | $ 0.35 | $ 0.01 | 3 700% |

| 2017 December 22 | $ 0.55 $ 0.03 | 1800% |

| 2018 January 30 | $ 1.08 | $ 0.04 4000% |

| 2020 March 2 | $ 1.25 | $ 0.01 | 10,000% |

| 2022 21 December | $ 2.00 | $ 0.02 | 10,000% |

Bull Market Insights:

Through its bull market, Cardano (Ada) experienced several noticeable pricing functions:

* DIPS to the moon: Ada often experienced cryptocurrency cryptocurrencies in about $ 1-3. However, during this period, Ada’s price canceled from these lowest losses without any major loss.

* Consistent profit: Average ADA daily profit was higher than 50%, indicating that the value of the property was constantly increasing throughout its bull market.

* Increased trading volume: Daily trade volume increased was the main indicator of demand and interest in this period.

Bull Market drivers:

Several factors contributed to the success of the Cardano bull market:

• It was expected that this transition from a work proof (POW) model to the shares package (POS) would increase scaling and acceptance.

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Taurus market conclusion:

The run of the Cardano bull market was inspired by a combination of factors, including the release of the Ada 2.0, increased trade volume and partnership with reliable institutions. Property prices during this period showed consistent growth without any significant loss, making it an attractive opportunity for investors to invest.