• Cardano’s trading volume is down 17% in the past 24 hours.

  • ADA holder count surpasses 2 million despite recent bearish trends.

Cardano’s price hit a nearly two-month high of $0.4299 in the past 24 hours, surging by 4%. This rise occurs despite trader sentiment largely writing off the altcoin, with its price remaining down by 43% over the past four months. Notably, Cardano had hit an eight-month low of $0.3165 during this period.

Today’s revival marks a significant moment for ADA. Over the past week, ADA’s price is up by 16%, though trading volume has decreased by 17% in the last 24 hours. Despite recent bearish trends, the number of ADA holders has surpassed 2 million.

Analysts are optimistic about Cardano, noting its steady upward trajectory and its recent break above the 100-day SMA.

However, as the much-anticipated Chang upgrade approaches, the Cardano community has been warned to beware of ADA giveaway scams. The Chang upgrade is the culmination of many years of hard work for the Cardano ecosystem and marks a significant step towards minimum viable on-chain governance as outlined in CIP-1694.

Can Cardano Bulls Win Over?

Cardano’s recent price action reflects a bullish trend, highlighted by recent highs breaching the $0.4296 resistance level, with the potential to test $0.4769 soon. The daily Relative Strength Index (RSI) indicates that it is in a neutral position.

Should bears regain control, ADA could retrace to $0.3957 initially, potentially falling further to $0.3299 in a more pronounced decline.

ADA Price Chart, Source: Saniment

The ongoing fluctuations in Cardano’s price underscore the dynamic nature of the market. As ADA continues to navigate through these highs and lows, the broader market sentiment and upcoming developments will play crucial roles in determining its future trajectory.

The Cardano market is currently at a pivotal point. With significant developments on the horizon and recent bullish trends, ADA has the potential to break higher resistance levels. However, caution is advised as the market remains volatile and susceptible.

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