Cardano has shown significant price gains over the recent months, despite short-term fluctuations. This article examines the key factors influencing the market and the prospects for ADA's continued strength.
Cardano Price Action on the Daily Chart
At press time, Cardano's price was trading at $0.7328, reflecting a 2.61% increase in a day. Despite positive signals, the MACD indicator shows declining momentum, with the support area around $0.6590 being critical for a price reversal. The Accumulation/Distribution metric indicates institutional interest in acquiring tokens during market instability. If market buying pressure increases, ADA's price may reach $1.21.
ADA Growth Despite Previous Indication Of Weakness
Despite a bearish trend on the 4-hour timeframe, where the price showed declining highs and lows, the Money Flow Index indicates a nearing oversold condition. ADA managed to surpass the critical support level at $0.5550. A short-term price recovery to $0.70–$0.75 occurred as bulls entered the market.
Cardano’s Strength Against Bitcoin and Ethereum
Despite the bearish short-term setup, Cardano outperformed Bitcoin, Ethereum, and Binance Coin over the past 180 days. Since January, ADA's price has increased by 102.82%, showing strong investor confidence in its ecosystem development.
Cardano shows robust growth and attracts investor attention due to its expanding ecosystem and growing interoperability with other blockchains. Long-term projects funded via the Cardano treasury ensure sustained network development.
