Cardano’s performance in Q4 may have a September connection – Here’s how

For Cardano, this was an excellent landmark since the Vasil hard fork. However, the transaction count showed a slow down in the Cardano ecosystem. Hence, it could have impacted Santiment’s records.As of 2 October, ADA’s development activity was back to the point it was on 6 September. Moreover, the development activity was not the only one on a backpedal.As ADA stood around the $0.43 price of 2 October, it seemed like the altcoin wanted to play “catch back.

Furthermore, as of 2 October, the Relative Strength Index showed that ADA was approaching the four-week support level. At that position, then, ADA was able to fight its way out of losing the 3 September support grip. But are the circumstances presently the same?Considering that the RSI was at 37.76, one may have assumed that a reversal would require asking for sellers’ mercy. However, it seemed like it was not all black and white without the presence of other indicators.

Per the On-Balance-Volume , ADA could be on its way to reclaiming the 25% volume loss in the last 24 hours. While there was no certainty, a drop of the OBV to 43.30 billion was minimal as compared to 1 October. Because of this state, ADA still had the chance to reverse to bullish momentum. For the Chaikin Money Flow , it could be vital to help ADA follow the same September pattern mentioned above. However, the CMF was at -0.11, meaning less money had recently been pumped into ADA.

Then again, indications from the CMF showed that an increase in volume was about to begin. If so, ADA could head towards a recovery of the 1.84% one-day decrease. On the other end, there were still signs of a collapse of the bears.All in all, the altcoin had formerly passed through this phase. One almost certain thing is that ADA might have to choose which of the September levels it prefers for the last quarter — a recovery or the downside.Subscribe to get it daily in your inbox.

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