Cardano (ADA) firmly holds the ninth position in terms of market cap. Its daily trading volume recently jumped by 138.39%, reaching $1.06 billion. Green signals dominate the crypto market as major players like Bitcoin (BTC) reach new all-time highs at $76.9K, and Ethereum (ETH) nears $3K. Cardano (ADA) joined this upward trend with a notable 22.77% rise, moving from $0.3613 to a 108-day high of $0.4436.
This surge has driven ADA’s market cap above $15.24 billion, securing its spot in the top 10 cryptocurrencies by market cap. Data from Santiment indicates early signs of potential “retail FOMO” in the Cardano market.
Currently trading at $0.439, ADA saw a 17.64% increase in the past 24 hours, with its daily trading volume leaping 160.9% to $1.13 billion.
Cardano (ADA) Shows Positive Indicators Beyond Price Previously quiet, the Cardano community is showing renewed optimism, particularly in non-price metrics. According to Santiment, Cardano has the highest increase in daily active addresses among the top 50 cryptocurrencies, with a 17% rise.
Additionally, Google search interest in Cardano spiked by 400% over the past week, as per Google Trends data.
ADA is still 85.98% below its all-time high of $3.1 from September 2, 2021. Could it reach new heights in the upcoming bull market?
Is Cardano’s Trend Shifting?
- The moving average convergence divergence (MACD) indicator suggests an uptrend in Cardano’s market, with the 12-day moving average (12MA) crossing above the 26-day signal line. Currently, ADA is in an overbought condition with an RSI of 71.88.
- Based on the daily price chart, a continued uptrend might propel ADA to test a high of $0.4892. If the bullish trend persists, ADA could climb as high as $0.85, surpassing its March peak. However, a failure to hold above $0.4160 could lead to a pullback toward support levels around $0.4080 and $0.3614.
