As a crypto investor, I’m observing a positive momentum in the digital currency market as a whole. Specifically, Cardano (ADA) seems to be thriving under the potential return of the bulls. According to recent data from CoinMarketCap, the price of ADA has surged by approximately 5.34% over the past day and is currently being traded at $0.9712. After hitting a low of $0.8837 on January 9th, its price increase appears to be steadily progressive.
Cardano eyes key resistance
Speaking about price recovery, Cardano is one of the top 10 digital currencies that has shown remarkable resilience. Prior to the recent market dip, the coin had climbed as high as $1.15, but then fell due to the announcement of Bitcoin liquidations on the U.S. Silk Road.
Looking at its strong upward trend, it seems that Cardano‘s price might soon surpass the immediate barrier of $0.98 in the near future. If this positive momentum continues, there’s a good chance that the digital token could overcome the psychologically significant resistance level of $1.
The majority of indicators related to the coin suggest a possible prolonged recovery. In just the last day, Cardano’s Open Interest has spiked by 6.55%, reaching 1.19 billion ADA. This Open Interest value is equivalent to approximately $1.15 billion.
The trading volume for Cardano has increased significantly, recovering from a recent dip to reach a staggering $1.34 billion. This volume level aligns with the Open Interest figure.
Protocol fundamentals to remain focus
Regardless of the market’s volatility, leading advocates for Cardano are primarily concentrating on the practical applications, advancements, and novel ideas associated with the protocol. As previously reported by U.Today, Cardano anticipates a significant Plomin hard fork update later this month as they ready the protocol for the transition to decentralized governance.
In summary, the improvements being made to this protocol are making it increasingly competitive among Proof-of-Stake (PoS) blockchains, specifically in comparison to Ethereum. These advancements are also drawing in larger ADA investors, who are progressively showing increased activity.
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2025-01-10 15:10