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Cardano (ADA) blockchain supporters are excited as sentiment surrounding the altcoin has shown signs of improvement. The ADA cryptocurrency has overcome key resistance and bearish sentiment that surrounded it over the past week.
Cardano price shows resilience
According to CoinMarketCap data, the price of ADA encountered challenges last week. It failed to cross over the $0.68 resistance level. ADA continued consolidating below its moving averages, even dropping to a low of $0.61 on June 5.
Alongside the slowing momentum, Cardano whales sold over 270 million ADA coins in just a week. This massive sell-off is the act of profit-taking from investors and traders afraid of losing their gains.
As the new week began, the price of ADA showed its strength as a leading market alternative. On Sunday, June 15, the Cardano price traded between $0.63 and $0.64. As of press time, ADA was exchanging hands at $0.645, up 3.1% over the previous day, according to data from CoinMarketCap.
The ADA daily trading volume increased by 25.7% to $471.9 billion. This surge demonstrates investors' increasing interest in accumulating ADA coins and indicates the asset’s resilience to remain in the top 10 cryptocurrency ranking by market cap.
Why market is shifting for ADA
The latest rally in the ADA price comes amid broader crypto market improvements. Bitcoin (BTC), the flagship cryptocurrency, experienced a daily increase of 1.9%, setting its price at $107,131.
Positive sentiment on the Bitcoin market usually flow to the altcoin market. Hence, ADA now stands as a key beneficiary of this trend.
Another key factor to note is the improved sentiment surrounding the launch of a potential spot Cardano Exchange-Traded Fund (ETF). Analysts at Bloomberg recently increased the odds of an ADA ETF approval to 75%.
Besides ETF expectations, the Cardano ecosystem recently recorded key milestones, possibly attracting new users to the blockchain. Specifically, Cardano celebrated over 2,004 active crypto products building on its smart contracts.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team