Over the last 24 hours, Cardano (ADA), the 11th largest cryptocurrency by market cap, has seen a notable 8% increase in its price as the general crypto market rebounded.
Current ADA Price Situation
At the time of writing, ADA was up 7.11% in the last 24 hours to $0.36, while it was up 11.23% on a seven-day basis. The price surge aligns with the broader market recovery and advancements within the Cardano ecosystem.
Factors Driving the Increase
The cryptocurrency market rose in the early Thursday session, driven by a rally in U.S. technology equities and gains on the Asian equity market. U.S. inflation figures for August bolstered forecasts for a Federal Reserve rate drop in the coming weeks, as core inflation climbed faster than expectations to more than 0.3%. Additionally, ongoing upgrades and partnerships within the Cardano ecosystem have amplified its utility and adoption.
Forecasts and Future Expectations
In the days ahead, the crypto market will be watching for a sustained break above this key barrier, notably at the daily SMA 50, to adjudge ADA's next price move. If this happens, ADA might target the $0.456 level next, ahead of the daily SMA 200 at $0.468. A sustained break above these levels might kickstart the next leg of uptrend for ADA prices. On the other hand, Cardano has established support at the $0.27 and $0.30 levels in the event of a decline.
The surge in ADA price is driven by both internal factors, such as ecosystem upgrades and partnerships, and external economic factors. Future price movements will depend on the market’s ability to break through key barriers.
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