Cardano (ADA) has shown resilience, climbing 5.34% in the last seven days to reach $0.7822. This uptrend marks a significant recovery from its previous struggles, pushing ADA closer to the $0.80 mark. However, its market cap declined slightly by 0.85%, now sitting at $27.53 billion.
Trading volume, on the other hand, dropped 14.39% to $1.09 billion, suggesting some investors are holding rather than actively trading. Despite this, ADA’s circulating supply of 35.19 billion tokens ensures liquidity remains strong.
Related article: Cardano Skyrockets 15%: Will ADA Revisit Its $3.10 All-Time High?
Volatility in the Market
ADA’s price fluctuated between $0.7528 and $0.8051 in the last 24 hours, demonstrating active buying and selling pressure. While the $0.75 support level has held firm, ADA still faces significant resistance near $0.80. If bulls manage to push beyond this zone, a rally toward $0.85 or higher could be next.
7-days price chart- source: CoinMarketCap
Despite recent gains, ADA remains 74.72% below its all-time high of $3.10, recorded on September 2, 2021. However, when compared to its all-time low of $0.01735 in 2017, Cardano has surged by an astonishing 4,413.84%, proving its long-term growth potential.
What’s Driving ADA’s Growth?
Cardano’s price action suggests renewed investor confidence. The recent surge may be linked to upcoming network developments, ecosystem expansions, and the overall positive sentiment in the crypto market. Additionally, as institutional investors explore ADA’s staking potential, demand for the asset could continue to rise.
Related article: Cardano Price Slips Below $1 as Sellers Eye $0.94
Cardano’s current challenge is breaking past $0.80 resistance. If it clears this level, the next target could be $0.85 or even $0.90. However, if it fails, ADA might retrace toward $0.75 or lower.
Final Verdict: ADA is gaining momentum, but it needs stronger buying pressure to maintain its rally. If the market stays bullish, a push past $0.80 could open the doors for a larger breakout. Will Cardano reclaim $1 soon? The next few days will be crucial.
