Cardano (ADA) has posted a 3.31% gain in the past 24 hours, currently trading at $0.7884. While the price surge has excited investors, the question remains: Can ADA maintain its bullish momentum, or is a pullback on the horizon?
Price Movement & Market Stats
ADA started the day around $0.7632, experiencing early volatility before pushing higher. The day’s low stood at $0.7543, while the high reached $0.7981, showing strong buying pressure. The market cap now sits at $27.75 billion, reflecting a 3.31% increase, while the 24-hour trading volume has dropped by 23.43% to $660.57 million, signaling a cooldown in trading activity.
24-hour price chart. Source: CoinMarketCap
With a circulating supply of 35.2 billion ADA and a maximum supply of 45 billion ADA, the ecosystem remains fundamentally strong. The Fully Diluted Valuation (FDV) is $35.48 billion, suggesting long-term investor interest despite the recent drop from its all-time high.
Related article: Cardano Price Slips Below $1 as Sellers Eye $0.94
ADA is still down 74.54% from its all-time high of $3.10, recorded on September 2, 2021. However, its long-term holders remain optimistic, considering its massive 4,447.64% gain since its all-time low of $0.01735 in 2017.
What’s Next for ADA?
The short-term trend suggests bullish sentiment, with ADA aiming to test the $0.80 resistance level. If it breaks through, we could see a push toward $0.85 or even $1 in the coming weeks. However, if resistance holds, ADA may experience a pullback toward $0.75 or lower before attempting another breakout.
Related article: 7-Day Price Analysis: Cardano’s (ADA) Rally to $1.13, the 7-Day Price Action You Can’t Miss!
Despite the declining trading volume, the price increase indicates strong accumulation by investors. If volume picks up, ADA could extend its rally, but a lack of buying pressure might lead to consolidation.
Cardano’s resilient performance in the past 24 hours suggests growing confidence among traders. While breaking $0.80 will be a key milestone, investors should keep an eye on trading volume and overall market sentiment. Will ADA finally reclaim the $1 mark, or is this just another short-lived pump? The coming days will be crucial.
