Cardano (ADA) is showing early signs of recovery, increasing its share in the cryptocurrency market. Recent data indicates a rise in ADA's dominance and its positive dynamics against other assets.
Increase in Cardano's Dominance
Currently, Cardano's dominance stands at 0.64% with a 2.93% gain. This figure is felt as a signal of a potential trend reversal after a prolonged period of decline since August 2021. Current RSI levels and rising support indicate an increasing bullish momentum.
Comparison with Other Cryptocurrencies
Over the past 24 hours, Cardano has shown significant gains, outperforming cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). As of now, ADA trades at $0.6147, with a 5% increase in the last day. Weekly, it has shown a 10.07% rise, surpassing XRP, which increased by 10.03%.
Conclusions and Future Plans
The rise in Cardano's dominance indicates growing investor confidence and increasing attention towards the Cardano ecosystem. In the past two weeks, large holders have accumulated over 120 million ADA, emphasizing strong conviction from deep-pocketed investors.
Overall, Cardano's market dynamics suggest signs of recovery and growth, which may indicate positive prospects for this cryptocurrency in the future.
