As an analyst with a decade of experience in the ever-volatile and fascinating world of cryptocurrencies, I find myself intrigued by the recent surge in Cardano (ADA). The 10th largest crypto’s 11% jump within 24 hours has caught my attention, especially considering its neutral overall sentiment.
In simpler terms, Cardano (ADA), a digital currency, has moved up to become the tenth largest cryptocurrency in terms of market value due to an increase in its price. Over the past day, its price has jumped by around 11%, which coincides with a broader recovery in the overall crypto market.
Positive momentum in ADA
Based on information from CoinMarketCap, Cardano (ADA) saw a surge of approximately 11.11% within the last 24 hours, with its value rising to around $0.355. Over the past week, ADA has also increased by about 9.27%. While the overall sentiment towards ADA remains neutral, there has been a notable uptick in trading volume, reaching approximately $219 million, an increase of 5.23%.
As a researcher, I’ve observed an upturn in the trajectory of Cardano following its low of $0.303 on September 6. Since then, it has been climbing steadily, reaching as high as $0.36 on August 12. This latest surge has propelled ADA above the daily Simple Moving Average (SMA) 50 of $0.354, a level that has kept its price in check since mid-April. Previous attempts to surpass this mark in July and August were unsuccessful due to resistance from the bulls.
The next crucial support level for ADA is now at $0.365. A breakout above this threshold could set the token for further price increase. Conversely, ADA’s price may drop if it fails to breach the level.
Advancements in Cardano ecosystem and crypto market rebound
As a researcher, I’ve noticed a steady rise in the price of ADA, which aligns with the broader market recovery and progress within the Cardano ecosystem. Lately, the Cardano blockchain has made some groundbreaking upgrades that have significantly boosted the utility and adoption of ADA.
On September 1st, Cardano initiated its first substantial move towards decentralized management through the introduction of the Chang hard fork upgrade. Furthermore, Charles Hoskinson, founder of Cardano, has revealed that Ouroboros Leios, along with rollups, will be integrated into Plutus V3 and scaling solution Hydra.
Over the last day, notable cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Shiba Inu (SHIB) have rebounded, returning to the positive territory or “green zone”. The recent surge in the crypto market can be attributed to encouraging U.S. inflation statistics for August, which suggest a potential Federal Reserve interest rate reduction within the next few weeks, bolstering optimistic predictions.
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2024-09-14 19:30