Cardano (ADA) has shown significant gains in the cryptocurrency market, reaching a new price level of $0.865. This rise is linked to a broader trend in the cryptocurrency market.
Growth of Cardano (ADA) Prices
Cardano hit an intraday high of $0.865 on May 12. This growth began on May 6 and represents an important development, as ADA successfully reclaimed its 50-day and 200-day Simple Moving Averages at $0.677 and $0.692, respectively, which had previously served as resistance.
Investor Activity and Bullish Market
Market sentiment has shifted positively, evidenced by increasing whale activity. Reportedly, crypto whales acquired over 40 million ADA as prices surged toward the weekend. According to the latest CoinShares report, digital asset investment products posted inflows of $882 million last week, marking the fourth consecutive week of gains, bringing year-to-date inflows to $6.7 billion.
Short-term Trading Outlook
ADA's price movement will be closely monitored to see if it can maintain current levels. The intermediate $0.90 to $1.02 range is critical to watch for selling pressure. A decisive break above $1 would likely open the door to further gains, targeting $1.19 and $1.32 before reaching $2.
Cardano (ADA) is on the path to potentially breaking the $1 mark, but this will require support from the overall market and continued buyer activity.
