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The broader digital currency ecosystem is in recovery mode, with Cardano (ADA) maxing out on the potential of the bulls returning. According to data from CoinMarketCap, Cardano's price has jumped by 5.34% in the past 24 hours and is now changing hands for $0.9712. ADA’s movement has been linearly progressive after it touched a low price of $0.8837 on Jan. 9.
Cardano eyes key resistance
Regarding price recovery, Cardano remains one of the standout performers among the top 10 digital currencies profiled by market cap. Before this latest sell-off, the coin rallied as high as $1.15 before breaking down on the U.S. Silk Road Bitcoin liquidation news.
Godfrey BenjaminWith ambitious growth spotted, the ADA price is on track to clear the $0.98 hurdle in the short term. If the growth momentum is sustained, the digital currency could clear the psychologically important $1 resistance.
Most of the performance trackers around the coin point to a potential sustained rebound for the coin. Cardano's Open Interest has jumped 6.55% in the past 24 hours to 1.19 billion ADA. This OI figure is valued at $1.15 billion.
Cardano’s trading volume has also picked up, paring off a previous slip-off to record $1.34 billion, which matches the Open Interest level.
Protocol fundamentals to remain focus
Despite the high volatility on the market, the top proponents of Cardano are more focused on the utility, upgrades and innovations surrounding the protocol. As reported earlier by U.Today, Cardano expects a major Plomin hard fork upgrade later this month as it prepares the protocol for the decentralized governance transition.
Overall, the protocol's enhancements are making it more relevant as a proof-of-stake (PoS) blockchain competing with Ethereum. These enhancements also serve as a source of attraction for ADA whales, who are gradually becoming more active.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
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