Despite the overall decline in crypto market capitalization, Cardano (ADA) has exhibited significant price growth in recent days. We analyze the current status and future prospects of ADA.
Cardano Price Increase and Market Condition
Cardano (ADA) has resisted the wider crypto bearish sentiment in the past three days. The total crypto market cap declined by 4.5 percent in the past 24 hours to hover around $3.26 trillion. However, the ADA price has increased by over 11 percent since the beginning of this week, trading at about 76 cents on Wednesday, February 12, 2024, during the early European session. The large-cap altcoin, secured through a proof-of-stake consensus mechanism, saw its fully diluted valuation increase to over $34.4 billion with a 24-hour average trading volume of around $1.4 billion.
Interest of Cardano Whales
The overall demand for ADA by whale investors has remained high in recent months. Significant network developments have convinced more institutional investors. Grayscale was the first to file for a spot ADA ETF with the US SEC.
Future ADA Price Predictions
Having faced a major resistance level of around $1.1 from mid-November 2024 until mid-January 2025, ADA price has been in a short-term correction mode. The smart contract-focused altcoin has been retesting a crucial support range between $0.68 and $0.76 in the past few days. Surpassing the falling logarithm trend established earlier this year, ADA's price is poised to rally above the macro megaphone structure towards its all-time high.
Despite current market sentiments, Cardano continues to show strength due to the interest from large investors and institutional backing. Predictions indicate potential price growth for ADA in the coming years.
