Cardano Price Analysis: ADA Surges 7%+ Signalling Potential Recovery, Analysts Predict $10 Target

Cardano's native cryptocurrency ADA is currently priced at $0.515, up 1.55% over the last 24 hours. With a market cap of $18.3 billion, ADA ranks as the 10th largest crypto by market cap. However, its 24-hour trading volume of $361.9 million represents a 27% decrease, indicating reduced short-term investor interest. Despite the lower volume, ADA's weekly price surge suggests the asset is regaining bullish momentum.

ADA Data Chart (CoinMarketCap)

In a remarkable achievement, the Cardano blockchain has reached a significant milestone as its treasury surpassed the 1.5 billion ADA mark. This development underscores the growing strength of the Cardano ecosystem and its commitment to decentralized governance and community empowerment. The Cardano treasury plays a crucial role in funding and supporting the development of the platform, ensuring its continuous evolution and expansion. With over 1.5 billion ADA in its coffers, the community now has greater decision-making power and resources to shape the future of the blockchain.

Despite the recent market turbulence that caused an over 20% plunge in ADA's price, this native crypto has rebounded and its recovery highlights the growing confidence of investors in Cardano's long-term prospects and the project's ability to withstand market volatility.

ADA's current state showcases strong trading volume and open interest, further reinforcing the crypto position as a major player in the decentralized finance and blockchain innovation landscape. As Cardano continues to expand its ecosystem, the outlook remains positive, with ADA poised to play a significant role in shaping the future of this rapidly evolving industry.

ADA Technical Analysis

ADA is gaining bullish momentum this week and appears to be set for a recovery. Since the start of March, when it faced rejection at the recent high of $0.81, ADA has been trading in a bearish trend, with most weekly candles closing bearishly, except for one bullish retracement to an immediate resistance level. However, the price action in the last week and this week paints a hopeful picture for a potential reversal, with bulls poised to push the market upwards.

ADAUSD Weekly Chart (TradingView)

On the daily timeframe, ADA is currently trading above a support zone around the $0.4450 level, where it previously faced rejection and is treading towards a double resistance ranging at $0.55 to $0.60. This price action suggests a potential reversal scenario. Coupled with a Relative Strength Index (RSI) reading of 44, which indicates room for further buying pressure if the bullish trend continues, a reversal seems likely. The price trades upwards, filling the fair value gap slightly below the immediate resistance of the ascending trendline and a demand zone breached before the BTC halving. 

ADAUSD Price Chart (TradingView)

If this resistance fails to break and the price faces rejection, the immediate support level lies at the recently tested support around $0.4500 zone and if that support doesn't hold, the $0.38 zone is the next immediate support zone. Nevertheless, multiple renowned analysts have provided bullish forecasts for the Cardano price.

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As the Cardano ecosystem continues to evolve and expand, the project's commitment to community empowerment and decentralized governance remains a driving force behind its success. With the treasury milestone and ADA's resilient performance, the future looks promising for this innovative blockchain platform.