Cardano (ADA) has made a comeback on the market and has received a lot of attention from the crypto community due to its impressive performance in recent days. ADA’s performance has not only attracted investors and institutions, but has also outperformed major cryptocurrencies such as Tron (TRX) and Toncoin (TON).
Cardano (ADA) Current price momentum
With its bullish momentum, ADA is back in the top 10 cryptocurrencies. It now seems poised to surpass Dogecoin (DOGE) and Ripple (XRP) and claim the seventh position.
Currently trading around $0.447, ADA has experienced a price increase of over 14.5% in the last 24 hours. This remarkable price increase has pushed the price to a four-month high. During the same period, ADA trading volume increased by 180%, indicating greater participation from crypto enthusiasts amid bullish market sentiment.
FOMO in the market
Current market sentiment seems very bullish and the number of daily active addresses is constantly increasing, indicating that investors have high confidence in ADA. According to the on-chain analytics company InHetBlokthe daily active addresses have increased by 8.6% over the past 24 hours.
Cardano (ADA) Technical Analysis and Upcoming Levels
According to expert technical analysis, ADA appears bullish and is approaching a crucial resistance level at $0.45. Based on recent price action and historical momentum, if ADA breaks this resistance level and closes a daily candle above $0.45, there is a strong possibility that the asset could rise 70% to reach $0.76 in the coming days.
Currently, ADA is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an up or down trend.
Bullish statistics in the chain
On-chain metrics further support this bullish outlook. According to on-chain analytics firm CoinGlass, ADA’s Long/Short ratio currently stands at 1.03, indicating strong bullish market sentiment among traders.
Additionally, open interest is up 29% and rising steadily. This consistent growth in open interest indicates increasing interest from traders, which has led to significant new position building over the past 24 hours.
The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset, which could help ADA break through the coming resistance and achieve its target in the coming days.
