Cardano Price Climbs 10.70% as Whales Accumulation Surge
- Cardano gains 10.69%, trading near $0.9959 with a $34.93B market cap.
- Over 130M ADA accumulated during recent dips, boosting confidence.
Cardano (ADA) witnessed a remarkable 10.69% surge in price over the last 24 hours, trading at $0.9959. The market cap soared to $34.93 billion, reflecting the same percentage gain, with a trading volume of $2.58 billion. However, the market cap ratio dropped by 20.41%, indicating reduced activity despite the price spike.
Whales contributed significantly to the rally, buying over 130 million ADA during the recent price dip. This reflects growing confidence in the asset as Cardano strengthens its DeFi integration through Halo2, its first Zero Knowledge smart contract.
Cardanos innovations, like Halo2 and its integration with Bitcoins DeFi layer, amplify its potential. Founder Charles Hoskinsons optimistic prediction for Bitcoin ($250,000-$500,000) underscores the sectors momentum. Cardanos ability to leverage zkApps and enhance Babel fees creates a strong case for its adoption.
Technical Indicators for ADA
The daily RSI (Relative Strength Index) is at 74.37, above the overbought threshold of 70, signalling strong buying pressure. The RSI average at 80.41 indicates a slight cooling off from peak momentum. The Chaikin Money Flow (CMF) at 0.15 shows positive inflows, confirming bullish sentiment. The volume of 208.65M further strengthens the case for a sustained uptrend.
Cardanos support lies at $0.93, while immediate resistance sits at $1.02. A breakout above $1.02 could push prices toward $1.20, considering the strong buying pressure. If prices break below $0.93, the next support level is $0.85.
The chart shows bullish moving average crossovers. The 50-day moving average crossed above the 200-day moving average, forming a golden cross a long-term bullish indicator. Short-term moving averages are climbing, reinforcing the uptrend.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
