Recently, the cryptocurrency industry has experienced a lot of volatility, with some assets facing more losses than gains. Cardano [ADA] has been part of the old guard for quite some time.
However, in a recent development, this altcoin has seen a strong surge. At the time of reporting, ADA was trading at $0.2828 with a daily gain of 5.38%. This comes after a difficult week where the altcoin dropped by 24%.
The hourly price chart of ADA is filled with bullish signals. At the start of the day, the MACD line slowly crossed above the signal line, continuing the bullish crossover. Additionally, the Relative Strength Index (RSI) reveals that buyers have returned to the ADA market. As seen in the chart, the asset was heavily sold off over the weekend. This trend marks a significant turnaround.
Furthermore, ADA has garnered significant attention and popularity, emerging as one of the top trending searches on LunarCrush. The recent surge of the asset has caught the interest of many in the cryptocurrency community and beyond.
Here's what has contributed to the growth of ADA: The sudden price increase in Cardano may be attributed to recent statements by Input Output Global and Charles Hoskinson. Cardano got embroiled in a lawsuit initiated by the Securities and Exchange Commission (SEC), leading to Robinhood delisting Cardano along with Solana [SOL] and Polygon [MATIC].
The SEC considers these assets as securities. The SEC's stance on ADA has been challenged and refuted by Charles Hoskinson and IOHK, which may have contributed to the asset reversing its downward trajectory.
Despite the usual divisions within the cryptocurrency community due to various networks, there has been an increasing sense of unity in the fight against the SEC. In a notable turning point, Charles Hoskinson actively sought reconciliation with the XRP community, signaling a readiness to come together for a common purpose.
