Cardano price, a leading proof-of-stake blockchain, has experienced a notable increase in value over the past 2 hours following bullish market trends. The token hovers above the $0.42 mark, reflecting positive investor sentiment and a broader market recovery.
As of the time of reporting, during European trading hours, Cardano price is trading at $0.4235, making a surge of approximately 7% in its value. ADA currently holds a market capitalization of $15 billion, ranking it 10th among cryptocurrencies, according to the data from CoinMarketCap. The trading volume over the last 24 hours is approximately $336 million, slightly down by 0.15% from the previous period.
Cardano price prediction: Can ADA Sustain the Uptrend?
Over the past week, Cardano price has seen trading in a range bound of $0.35 to $0.42, indicating a period of consolidation amid fluctuating market sentiments. This movement comes after a notable increase, where ADA surged by over 20% within a short timeframe.
According to the data from Into the Block, Cardano has witnessed a dramatic increase in significant investor transactions. Activity escalated between July 8th and 9th, with transactions hitting 110 million ADA.
This spike is linked to substantial purchases by large-scale investors. These strategic moves aim to enhance demand for Cardano, leading to a price increase.
Cardano has also implemented a major upgrade on its mainnet. The recent v6.5.0 upgrade brings several improvements. These enhancements focus on the blockchain’s durability and capacity.
The upgrade aligns with the Cardano node 9.0.0 and includes the Ogmios update. A notable feature of this update is a new query for the protocol’s treasury and reserves, as explained by Ktorz, the technical director at the Cardano Foundation.
Can ADA Reach the $0.50 Mark in the Next Rally?
If bullish traders dominate, Cardano price could overcome the $0.45 resistance barrier. Such a move could energize the cryptocurrency, propelling it toward the $0.5 threshold. With continued bullish momentum, ADA might even approach the $1 milestone during the next market upturn.
Conversely, lacking market strength could lead to a decline in ADA’s value. It might fall back to the $0.42 support level. Further bearish trends could push Cardano to a lower support level at $0.4.
The daily technical indicators for Cardano (ADA) show a subtle yet positive movement in its price. The Moving Average Convergence Divergence (MACD) shows a signal line at -0.0024 and a MACD line at 0.0070. This indicates a narrow margin between the two, suggesting a potential change in momentum could be approaching, although the market remains cautious.
The Relative Strength Index (RSI) stands at 59.07. This value is below the overbought threshold of 70 but indicates that the market is nearing a stronger bullish sentiment.
The Awesome Oscillator (AO), depicted in green and red bars, shows a small green uptick, suggesting a potential increase in positive momentum. The Chaikin Money Flow (CMF) shows a sharp rise, indicating increased buying activity around the current levels.
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