Cardano (ADA) Rises 8.63% to $0.9555 After Recent Decline
The price of ADA, the native token of Cardano, increased by 8.63% in the last 24 hours, currently trading at $0.9555. This follows a low of $0.873 earlier this week. A key analyst stated that as long as ADA stays above the support level of $0.8, there is no need for concern.
- ADA's recent performance shows a recovery after a significant decline.
- The nearest resistance level is at $1, with previous highs reaching $1.32.
- Over the past month, ADA has surged by 92.39% and remains 69% below its all-time high of $3.10.
- Market cap stands at $33.56 billion, ranking ADA 9th among cryptocurrencies.
- 16.36% of wallets hold between $1,000 and $100,000 in ADA.
Bullish Predictions for ADA
Analyst Carl Moon noted that ADA's price action indicates a bullish pennant formation. If the $0.8 support holds, ADA could break above $1.30 soon.
Technical analysis reveals:
- Relative Strength Index (RSI) at 45.76 indicates bearish control over price movements.
- MACD suggests increasing chances of a bullish divergence as lines converge.
