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Cardano [ADA] Price Surges 44% as Crypto Market Booms in 2021

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• Cardano [ADA]’s price has returned to its pre-FTX collapse level, rallying significantly in the last three weeks.
• According to data from CoinGecko, the global cryptocurrency market capitalization has gone up by 21% since the beginning of the year, and ADA’s value has also increased by 44%.
• Momentum indicators have been on an upward trend since the year began, with ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) both hovering at overbought highs.

The cryptocurrency market has seen a significant increase in activity since the start of the year, with the price of leading layer 1 coin Cardano [ADA] returning to its pre-FTX collapse level. According to data from CoinMarketCap, ADA traded at the $0.36 price level during the intraday trading session on 21 January, marking the first time the coin has reached this level since the fallout of FTX. ADA, like the rest of the general cryptocurrency market, suffered a significant decline in value following the unexpected collapse of the cryptocurrency exchange FTX in early November 2022. ADA closed the 2022 trading year at $0.24, having declined by 33% since FTX collapsed.

The general cryptocurrency market capitalization has seen an overall increase since the start of the year, with CoinGecko data showing a 21% rise. Similarly, ADA’s value has also seen an increase of 44%. Momentum indicators have been on an upward trend since the year began, with ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) both hovering at overbought highs. Furthermore, the asset’s On-balance volume (OBV) has also seen an increase of 5% since the year started, indicating increased buying pressure.

In the last three weeks, ADA has seen a significant rally in coin accumulation, as investors are optimistic about the potential of the coin. With the bullish sentiment currently surrounding the cryptocurrency market, it is likely that this rally will be sustained in the coming weeks. However, it is important for investors to remember that the cryptocurrency market is still in a volatile state and that prices can change rapidly. Therefore, investors should always practice caution when investing in cryptocurrencies.