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Cardano has been on an impressive upward trajectory over the past few months, showcasing a robust bullish trend in the cryptocurrency market. Since February, the value of ADA has seen a noteworthy increase, emphasizing the cryptocurrency's strong growth path. Currently, Cardano's price is observed at $0.7343, experiencing a modest decline of just over 0.16% within 24 hours.
Despite a strong start in March, Cardano's momentum has seen a slight deceleration in recent days. There is a looming threat of a correction that might erase a significant portion of its recent gains. Throughout the past week, ADA's price fluctuation between $0.65 and $0.78 illustrates an ascending pattern, culminating in a surge of more than 10%.
The broader cryptocurrency market is witnessing a notable rally, with Bitcoin (BTC) trading above $66,000 in anticipation of the upcoming Bitcoin halving event. Similarly, Ethereum has broken past the $3,900 mark. These movements have provided additional momentum to other digital currencies, including Cardano.
Cardano maintains its status among the top ten cryptocurrencies, with a market capitalization of $26 billion. However, ADA's trading volume has seen a decrease of more than 10% in the last 24 hours, totaling $808 million. The circulating supply of ADA coins stands at 35,490,376,377, with a maximum supply cap of 45,000,000,000 ADA coins.
The recent uptick in Cardano's market performance indicates a potential entry into a bullish phase. If the current positive momentum persists, ADA could soon challenge the $0.8 resistance level. A continued upward trend may propel the coin's value towards the $0.9 mark in the near term. Conversely, a downward trend could push ADA towards the $0.6 support level, with a possibility of dipping to $0.55 under intensified bearish conditions.
Technical analysis reveals a positive market outlook. The Moving Average Convergence Divergence (MACD) indicates a bullish pattern, with both the MACD line and the signal line positioned above the baseline. This suggests a favorable buying opportunity. Additionally, the Chaikin Money Flow (CMF) indicator's positive value of $0.18 strengthens the optimistic market perspective.
Cardano price chart: Tradingview
The Relative Strength Index (RSI) maintains a neutral position, reflecting the market's current ambivalence towards direction. A surge in bullish momentum might soon push ADA into overbought territory. These indicators collectively hint at a market poised for bullish development, awaiting further confirmation to solidify the trend.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
