Cardano (ADA) has made a notable comeback with a 11.76% rally in the last 24 hours, bringing the price up to $0.7854. The asset has seen a dramatic 91.19% increase in trading volume, now totaling $1.55 billion. With a market cap of $27.64 billion, Cardano is showing signs of a strong recovery, signaling a shift in market sentiment.
This increase follows a prolonged period of price corrections and market uncertainty. The 11.76% surge suggests that Cardano’s bullish momentum is not only intact but may be gaining further strength.
Traders Begin to Recover: Shift from Losses to Profits
After several weeks of decline, where ADA investors faced significant losses, the altcoin is finally showing signs of a rebound. The market seems to be recovering, as the number of profitable transactions is now increasing. This shift indicates that Cardano is finding a solid support level, which could pave the way for further price appreciation.
The growing number of profitable trades and the positive market sentiment suggest that ADA’s recent price surge is not just a short-term recovery but may signal a more sustained upward trend.
Cardano’s Funding Rate Turns Positive: A Bullish Indicator
The funding rate, a critical metric for assessing trader sentiment, had fluctuated during the past few weeks, reflecting a cautious market outlook. However, with ADA’s recent price movement, the funding rate has turned positive once again. This suggests that traders are becoming more optimistic about Cardano’s prospects, which could drive further bullish behavior in the market.
A positive funding rate supports the idea that ADA could continue its upward momentum, attracting more traders who believe in the asset’s potential for growth.
Cardano Price Prediction: Can ADA Secure Support at $0.85?
Cardano has made a strong 11.76% move in the last 24 hours, successfully breaking above the $0.77 resistance. The next major challenge for ADA is the $0.85 resistance, which the altcoin now aims to flip into support. If ADA successfully breaches this level, it could pave the way for further gains, possibly pushing ADA towards $0.99 or even $1.00.
Key Price Levels to Watch:
- Support Level: $0.77 is a critical support zone for ADA. If this level holds, the bullish outlook will remain intact.
- Resistance Levels: ADA is targeting the $0.85 resistance. A successful flip of this level into support could drive ADA towards $0.99 and beyond.
- Downside Risk: If ADA fails to break the $0.85 resistance, it could retreat to $0.77, or even dip lower to $0.70. A drop to these levels would invalidate the current bullish outlook and could result in renewed selling pressure.
Conclusion
Cardano (ADA) has experienced an encouraging 11.76% rally, which has reignited hope for the altcoin’s future price action. With a positive shift in trading sentiment and a growing number of profitable transactions, Cardano seems poised to maintain its bullish trajectory in the coming days.
The asset’s market cap is now $27.64 billion, with strong volume indicating increased investor interest. If ADA can maintain support at $0.77 and break through the $0.85 resistance, we could see the asset pushing toward higher targets like $0.99 and $1.00.
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