🌎 Cardano, Celestia, and Dogwifhat See Surge in Positive Sentiment

Cardano, Celestia, and Dogwifhat are experiencing a surge in positive sentiment across social platforms, reflecting the broader crypto market’s recent trends.

Cardano (ADA) and Its Recent Performance

According to recent data, Cardano (ADA) has seen an impressive increase in its weighted sentiment over the past two days. This rise in positive sentiment has translated into notable gains for the cryptocurrency. In the last 24 hours, ADA surged by 6.3%, currently trading at $0.38. Its market cap stands at $13.8 billion, with a daily trading volume of $350 million.

The bullish momentum for Cardano began after the U.S. Federal Reserve’s announcement of a 50-basis-point rate cut on September 18. This contrasted with the March 2020 rate cut, which led to a 57% drop in ADA’s price.

Cardano’s Positive Sentiment and Historical Context

Cardano also noted a significant uptick in positive sentiment on September 2, following the announcement of its Chang hardfork. This upgrade transitioned the network to a more decentralized system.

Celestia (TIA) and Its Market Movements

Celestia (TIA) also recorded a surge in positive sentiment, briefly reaching a local high of $6.8 before experiencing a slight decline. As of now, TIA is up by 1.3% over the past day, trading at $6.36. The asset’s market cap is approximately $1.35 billion, with a daily trading volume of $240 million.

The recent gains for Celestia were significantly influenced by a $100 million funding round, which bolstered investor confidence.

Dogwifhat (WIF) and Its Bullish Trend

Dogwifhat (WIF) has seen a 12.5% increase in the past 24 hours, currently trading at $2. The meme coin had been struggling around the $1.5 mark for nearly a month. The recent bullish trend emerged following the rate cut news last week.

Relative Strength Index (RSI) Insights

Despite the positive sentiment, the Relative Strength Index (RSI) for ADA, TIA, and WIF has risen significantly. ADA’s RSI is at 74, indicating it has entered the overbought zone. TIA and WIF have RSIs of 60 and 68, respectively, nearing the 70 mark.

High RSI levels typically lead to increased price volatility due to profit-taking among short-term traders. However, sustained market-wide upward momentum could result in further gains for these tokens.

It’s crucial to remember that macroeconomic events can swiftly alter the direction of financial markets. Stay informed and keep an eye on the latest developments in the crypto space.