Cardano has been on a bullish trend, following the broader market rally on Thursday, and its price has been rising alongside Bitcoin. The cryptocurrency has been in the spotlight due to network upgrades and increasing adoption, hinting at potential significant price movements in the future.
TapTools data reveals that more than 78% of Cardano’s total supply is currently in circulation, positioning it as one of the most widely distributed cryptocurrencies in the market. Among the top ten cryptocurrencies, Cardano now ranks second only to Bitcoin in terms of circulating supply.
According to analyst Dan Gambardello, the altcoin market, including ADA, is poised for growth with more capital and liquidity entering the market. He mentioned that Cardano is currently in a favorable position with a risk model in the 30s, historically indicating significant price surges. ADA is currently testing crucial levels, such as the 200-week moving average at $0.7832, a break above which could signal the onset of a bull market.
ADA is currently trading at $0.7957, showing a gain of over 10% in the last day. Analyst Ali Martinez predicts a potential breakout towards the $0.80 mark for ADA, but clearing the upper boundary resistance is necessary for this to happen. Cardano’s trading volume has surged by 101% to $1.7 billion, and if it can surpass the $0.85 resistance level, it may target $1. The current trend appears positive as long as ADA continues to establish higher highs and maintains a strong Relative Strength Index (RSI).
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