In recent weeks, Cardano (ADA) has shown a 125% increase, and this trend is expected to continue. Positive metrics and technical analysis suggest potential growth.
Cardano (ADA) Technical Analysis
On the daily chart, ADA has been consolidating near a crucial resistance level of $0.77 for the past four trading days. Historically, when ADA consolidates near a key level, it tends to rally significantly. If ADA breaks out above $0.78 and closes a daily candle, it could potentially rise by 30% to $0.98 or even $1.
Bullish On-Chain Metrics
According to analytics firm Coinglass, ADA’s open interest has increased by 5.90% in the past four hours and 3.80% in the past hour. This increase indicates heightened trader activity and aggressive positioning amid bullish sentiment.
Current Market Situation for ADA
At press time, ADA is trading near $0.76, with a 4.12% gain over the past 24 hours. However, its trading volume has dropped by 27%, indicating lower participation from traders and investors.
The overall outlook for Cardano (ADA) remains positive, and with both technical and fundamental metrics showing promise, further growth can be anticipated.
