ADA, TIA, WIF see positive sentiment; can they capitalize on it?

Cardano, Celestia, and dogwifhat are witnessing positive sentiment on social platforms as well as the overall cryptocurrency market.

According to data provided by Santiment, Cardano (ADA) and Celestia (TIA) have seen impressive increases in their respective weighted sentiments over the past two days. Dogwifhat’s (WIF) bullish social sentiment was triggered yesterday, September 24, as the meme coin began its upward momentum.

The dominant sentiment of ADA, TIA and WIF – September 25 | Source: Santiment

The dominant positive sentiment around these tokens has also brought impressive gains.

ADA is up 6.3% in the last 24 hours and is trading at $0.38 at the time of writing. Its market cap is currently $13.8 billion and its daily trading volume is $350 million.

ADA price and RSI – September 25 | Source: crypto.news

Cardano’s bullish momentum began after the US Federal Reserve announced a 50 basis point rate cut on September 18. This was in contrast to the March 2020 rate cut that sent the ADA price down by 57%.

Moreover, Cardano recorded a very similar positive sentiment on social platforms following the Chang hardfork announcement on September 2. The upgrade decentralized the network’s system.

TIA briefly touched a local high of $6.8 earlier today but quickly fell. Celestia is up 1.3% in the past day and is changing hands at $6.36 at reporting time. The asset has a market cap of $1.35 billion and a daily trading volume of $240 million.

TIA price vs RSI – Sep 25 | Source: crypto.news

Celestia booked most of its gains yesterday following a $100 million investment round.

WIF has also gained 12.5% ​​in the last 24 hours and is currently trading at $2. The meme coin has been struggling around $1.5 for about a month and saw bullish moves last week after news of a rate cut emerged.

WIF price and RSI – September 25 | Source: crypto.news

Despite the positive sentiment around these tokens, the Relative Strength Index has already heated up.

The RSIs of ADA, TIA, and WIF have risen to 74, 60, and 68 respectively. While Cardano has entered the overbought territory, Celestia and WIF are not far from the 70 RSI mark.

High RSI levels usually bring high price volatility due to increased profit taking among short-term investors. However, if the upward momentum in the overall market continues, more gains can be expected for these tokens thanks to the positive sentiment around them.

It is important to remember that macro events can change the direction of financial markets instantly.