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Cardano (ADA) continues to smash new records, with its price breaking over a key resistance amid a 27% daily surge. Cardano’s native token, ADA, is rapidly growing its market cap, fueled by a redistribution of profits from Bitcoin’s recent surge.
ADA's soaring movement
With a market cap of $37.76 billion, ADA is now the ninth-biggest cryptocurrency after trumping TRON (TRX), according to CoinMarketCap data. ADA has successfully broken through the $1 psychological resistance and is on track for a more massive price rally.
Tomiwabold OlajideAs of this writing, the ADA price was trading at $1.8, up 27.06% in the last 24 hours. This week, the price has increased by 45.52%, bringing the monthly and yearly surges to 214.6% and 181.13%, respectively. Cardano usually performs best in Q4, with an average gain of 406.42%.
The daily market volume has surged by 131.5% to $7.93 billion. This suggests that ADA is still receiving attention as it looks to leave a lasting impression in the bull market. U.Today also reported an impressive surge in Open Interest (OI).
Cardano’s OI increased by 15% in 24 hours, while Futures traders committed 848.99 million ADA, valued at over $761 million.
What's next for ADA
ADA's price is currently breaking through a crucial resistance level at the 50% Fibonacci retracement, which acted as an earlier strong barrier. This level hovered around $0.83, and overcoming it indicates a positive signal for Cardano's price action moving forward.
The next major target for Cardano is the golden pocket zone, ranging between $1.13 to $1.22. This range could act as a resistance zone. However, ADA’s price could reach as high as $1.76 if it manages to break through the resistance. This aligns with the 78.6% Fibonacci level.
The hype in the Cardano community at the moment can help it sustain its growth trend in addition to general market sentiment.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya