• Participants in the derivatives market remain long on ADA.
• The token price decreased as the short-term outlook calls for consolidation.

As Cardano [ADA] looks to end its overall monthly performance on a positive note, traders remain enthusiastic about the token. Well, the reason for this perception is not one that needs a lot of convincing.

For a token that wrestles with notable upticks, ADA had its bizarre moment in March, outperforming top-ranking cryptocurrencies including Bitcoin [BTC].

Read Cardano’s [ADA] Price Prediction 2023-2024

This uptrend helped the Market Value to Realized Value Ratio (MVRV) ratio to exit the negative region where it resided at the beginning of the month. The MVRV ratio shows the relationship between the current price of an asset and the value at which it was acquired.

Gains and the quest for more

At press time, the metric was 6.017% according to Santiment. This indicates that the average token acquired when March began up until the time of writing was in profit. Consequently, this price action seems to have also driven traders’ resolve.

As shown above, the ADA funding rate was 0.01%. And a look at the data revealed that it had remained like that for quite a while. The fu
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Author: Victor Olanrewaju

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