Cardano's Price Rise Fails to Impress Smart Money Ahead of Fed Rate Hike
Cardano's price has seen an uptick in recent days, climbing to $0.208 as the broader cryptocurrency market recovers from a pullback. However, data from CoinGlass reveals that smart money sentiment on Cardano remains extremely bearish, with short volumes outpacing long volumes by nearly 6%. This could be due to anticipation of a potential rate hike by the Fed at its upcoming FOMC meeting.
The number of active addresses on the Cardano network has dropped to a near one-month low of 11,746, despite ongoing upgrades and improvements to the network. The DeFi TVL has also declined to $55.37 million. While some analysts may see this as a sign that the network is underutilized, others argue that it's not necessarily indicative of long-term performance.
The Cardano price currently faces resistance at its 200-day SMA of $0.21, which has been a challenge for ADA to overcome since September 8. However, an OBV line rising supports a bullish outlook, suggesting that buying pressure is outpacing selling pressure.