Cardano (ADA) has regained traction, climbing over 13% to reach $0.84, with daily trading volume surging 61% to $2.74 billion. The broader cryptocurrency market remains mixed, with some assets rising while others face declines. Amid Bitcoin’s steady performance, major altcoins like Ethereum, Solana, and XRP show varying degrees of volatility.
Over the past 24 hours, ADA has risen 13.35%, starting the day at a low of $0.7239 before reaching its current price of $0.8409. Weekly performance has been strong, with Cardano gaining 58.24% in the last seven days, hitting a high of $0.8069 from a weekly low of $0.5332.
Increased Whale Activity and Market Dynamics
Santiment data highlights a 7-month high in Cardano’s transaction volume, with over 8,900 whale transactions recorded for two consecutive weeks. ADA’s price ratio against Bitcoin is nearing an 8-month high, mirroring patterns that previously preceded significant price increases, such as a 26% rise in the ADA/BTC pairing. Furthermore, large holders with over $10 million in ADA have boosted their holdings by 145.72% in the past month, signaling strong whale accumulation.
Technical Indicators and Future Projections
Cardano’s current relative strength index (RSI) is at 71, indicating an approaching overbought zone. Short-term trends are bullish, with the 9-day moving average at $0.763 surpassing the 21-day moving average at $0.744. On the chart, ADA shows signs of an upward correction after surpassing key price levels.
If the positive momentum continues, ADA could test $0.8846 and potentially surpass $0.92. Conversely, a downturn might see ADA test support at $0.7943, with further declines possibly pushing it to $0.7334.
The Moving Average Convergence Divergence (MACD) line above the signal line suggests a bullish trend may be forming. Additionally, the Chaikin Money Flow (CMF) indicator stands at 0.21, reflecting increased demand and positive market flow. With trading volume up 61.53%, Cardano’s recent performance highlights significant market interest and strong upward momentum.
