Cardano (ADA) shows stable growth, having crossed important resistance levels and creating positive expectations among investors.
Price Growth of Cardano (ADA)
Over the past week, the price of Cardano (ADA) has increased by more than 16%, reaching about $0.9251. This dynamic indicates a possible trend reversal, as ADA has broken above the resistance level of $0.92, coinciding with the 0.618 Fibonacci level.
Technical Analysis Signals
According to The DApp ₳nalyst, the 20-day and 50-day moving averages of ADA have crossed above the 200-day simple moving average, forming a "golden cross," which is a long-term bullish sign. The current price is above all major moving averages, with immediate resistance near the $1.00 and $1.25 range.
Asset Accumulation and Latest ETF Filings
On-chain data indicates that large wallets holding between 100 million and 1 billion tokens have accumulated over 200 million ADA in recent sessions. This accumulation occurs alongside a recent filing by Grayscale Investments for a trust for ADA, potentially signaling significant interest from institutional investors.
Cardano (ADA) continues to show signs of strength in the market, and if the current positive momentum is maintained, it could reach new heights in the near future.
