Cardano price has shown a significant increase of 15.16% in the last 24 hours.
The altcoin’s daily trading volume has dipped by 12.04% as per CMC data.
The crypto market has bounced back from its support levels after Bitcoin reclaimed the $101K level. This occurred in the Asian late evening hours of December 11. Meanwhile, World Liberty Financial, Trump’s DeFi project, showed buying activity. This fueled the crypto rally further much to investors’ happiness.
Within the Altcoin sector, Ethereum caught market attention by moving closer to its all-time high. Notably, one of the leading altcoins, Cardano has joined in on the bull run with great enthusiasm. The cryptocurrency has factored in a significant 15.16% price increase over the past day.
In the Asian afternoon hours of December 11, ADA was trading at a low of $0.9982. Following this, it rallied to current trading levels overtaking the bears. At the time of writing, Cardano was trading at $1.1660 as per CMC data.
On stepping back to its weekly chart, Cardano price leans to the negative. In the last 7 days, and largely owing to this week’s crash, the cryptocurrency shows a bearish trend of 4.18% price dip. It began last week trading at a high of $1.22. However, if the token maintains current trends it might reach this previous resistance.
Will Cardano Sustain its Price Rally?
In every bull cycle, the question of sustenance and prolongation arises. In Cardano’s present bullish trend, the same speculation arises among community members. However, a recent market analyst report suggests that Cardano might revisit its historic movements and stage a rally.
ADA/USDT Daily Price Chart (Source: TradingView )
The altcoin’s Chaikin Money Flow (CMF) indicator value is at 0.10 as per TradingView data. Meanwhile, ADA’s bull power indicator value holds at a high of 6.53 and its bear power indicator value is at -1.23. This indicates a bullish dominance suggesting that Cardano price might continue upward movements.
In the case of the bull run, it might face resistance at $1.2376 and $1.2838. Meanwhile, other altcoins that joined in on the rally were SUI and AAVE.
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