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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.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin