- Cardano’s price was above $0.3172, a crucial support level.
- ADA’s shareholders in profit also turned bullish.
Cardano [ADA] It is showing signs of life again after a long decline. Altcoins have surged by 6.31% over the last day and 11.39% in the past seven days.
The market capitalization of ADA has risen to $13.4 billion. This represents a 6.26% rise.
CoinMarketCap shows that Cardano has seen a 29.6% increase in trading volume, which now stands at $351.6 millions. Investors are showing renewed interest.
Support levels remain strong
ADA’s recent price movement showed that it was above a key support level, which is around $0.3172. The level is resilient and has acted as the launchpad for this current rally.
ADA could continue to grow if it maintains its support.
The chart displayed a succession of higher lows. This generally indicates an uptrend.
The stochastic RSI showed a zone of overbought, suggesting that ADA could experience a short-term drop before a continuation in the bullish direction.
ADA presents a positive picture
On-chain data revealed some encouraging signs when examined in depth. Large transactions went up by 14% – thus, institutional investors or whales were showing more interest.
It is common for price increases to precede high-value transfer transactions.
A further 7% of the holders were profitable, bringing their total to 21,51%. This improvement, though still small, indicates that the investor’s sentiment is gradually improving.
Recent developments have seen a rise in Cardano’s TVL (Total Value Locked). The trend showed an increasing level of trust in Cardano’s DeFi, which added fuel to the bullish ADA sentiment.
Recent ADA performances indicated that market sentiment may be changing. Combining the growing number of large transactions with holders’ increased profitability as well as technical breakthroughs are positive signs that future growth is possible.
ADA has not yet reached its highest levels, but there are still many uncertainties in the crypto-industry.
You can read more about it here Cardano’s [ADA] Price Prediction 2024-25
What is the Chang Hard Fork expected to be?
Chang’s Hard Fork might have played a crucial role in ADA recent performance.
The newest network upgradeThe 27th August is expected to be the date of this event. tweeted Altcoin You will be able to find us on the web. Introduce features such as Plutus 3 and on-chain Governance, with the aim of improving platform scalability.
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Source: ambcrypto.com