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Cardano (ADA), within the last seven days, plunged by 5.01% to a low of $0.6879, sparking concerns among market participants. However, the asset has rebounded in the last 24 hours, signaling it has exited the distress zone.
Cardano price rebound signal renewed momentum
CoinMarketCap data shows that Cardano price is up by 2% in the last 24 hours. With this growth, it is currently performing better than most coins in the market. Notably, Cardano’s Relative Strength Index (RSI) moved from 40 to 46, a change that shows a positive outlook.
The rebound pushed the asset above the $0.72 support level, signaling recovery for ADA. For now, Cardano price is changing hands at $0.7435, up by 2.62% in 24 hours. The coin touched a high of $0.7473 before its slight drop.
However, the ADA trading volume is under watch by traders. With this volume down by 23.86% to $682.59 million, there is caution in the market. For a visible rally, Cardano buyers need to inject more capital in the mid-term.
Unless there is a balance in most Cardano metrics, the price may continue to fall. In all, a boost in volume can help fuel price rebound in pursuit of the $0.9 level.
Analyst remains bullish on ADA
Meanwhile, Cardano’s utility could also support price stability. The Midnight Network airdrop has recorded significant adoption and growth, with about 11,000 wallets claiming the token. Charles Hoskinson, founder of Cardano, celebrated the development as a sign of positive engagement among users in the ecosystem.
Interestingly, while investors remain concerned by the price outlook, Ali Martinez, a renowned analyst, says the Cardano charts hold potential for the near future. According to Martinez, the asset is on a slow buildup that could trigger a breakout to new levels.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team