Cardano records a 22% gain, currently trading at $0.7458.
The trading volume of ADA has increased by over 155%.
The bullish disposition of the crypto market appears as the trendsetters hit new peaks—Bitcoin (BTC) is at its new ATH of $93.4K and Ethereum (ETH) at $3.1K. Looking at the altcoins, Cardano (ADA) has registered a 22.34% gain over the past 24 hours.
As Cardano gains momentum, it currently trades at $0.7458, with its market cap resting at $26.04 billion. Notably, the trading volume of the asset is at $5.64 billion. Besides, the altcoin jumps from $0.6094 to a high of $0.7768 over the day.
Zooming in on the weekly price chart, Cardano recorded over 69.45%. The asset started trading at $0.4384 and moved to the intra-week high of $0.6388. However, the extended bullish outlook pushed the price to new highs.
Is ADA Heading Towards a Sustained Rally?
The technical indicators of ADA suggest the existing positive sentiment as the Moving Average Convergence Divergence (MACD) line is found above the signal line. This likely hints at the continuation of the bullish trend.
ADA chart (Source: TradingView)
Moreover, the Chaikin Money Flow (CMF) indicator of Cardano is at 0.21, which refers to the buying pressure and increased money flow and buying pressure. It’s essential to note the trading volume of ADA has increased by over 155%.
The daily price chart of the asset shows the ongoing positive correction after breaking the crucial resistances. If the current momentum persists, the ADA price could likely test the resistance level at $0.7869. Extended gains might push the price to climb the $0.82 mark.
On the other side, if the bullish momentum of ADA reverses, the nearby support zones at $0.7004 and $0.6574 could be tested. With the prolonged loss, the price of ADA could drop even lower.
Besides, the current market sentiment of ADA is in the overbought territory, as the daily relative strength index (RSI) is positioned at 75.22. The asset’s short-term 9-day moving average is found above the long-term 21-day moving average.
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