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Cardano (ADA) Up 16% as It Eyes Next Level

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Sat, 28/10/2023 - 11:05
Cardano (ADA) Up 16% as It Eyes Next Level
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Cardano (ADA) has retained its impressive gains over the past week. At the time of writing, ADA is changing hands at a price of $0.2939, up 2.74% overnight and by more than 16% in the trailing seven-day period. With this bullish outlook, the protocol is now eyeing swinging to a new level if the market permits its sustained resurgence.

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ADA 1M chart. Source: CoinMarketCap

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Cardano (ADA) Eyes Potential Breakout, Analyst Gives Reason

From Cardano's monthly chart as seen above, the token is currently changing hands at its highest price level for the month, having dropped as low as $0.2414 on Oct. 19. This implies that the next crucial level is the resistance level at $0.3, a price point Cardano has not tested since Aug. 10 this year.

Pushing to this level might seem achievable, however, the trading level, which has slumped by more than 16% overnight, shows a dampening push from buyers. Per the outlook on bigger time frames, Cardano's long-term bears appear to be taking profits, implying that the anticipated breach of $0.3 might not be feasible anytime soon.

Despite the conflicting bull-bear actions, Cardano's metrics are improving in a very remarkable way. The wallet profitability metric, which signaled most investors are in losses earlier this month, has improved, with just 71% of addresses slipping out of money at this time.

Ecosystem diversity advantage

Over the past few weeks, Cardano has been a major beneficiary of the bullish market resurgence as investors showed optimism over the potential approval of spot Bitcoin exchange traded fund (ETF) from the SEC.

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Besides this positive outlook, Cardano also has a diversified ecosystem with impressive development activity all targeted at boosting the demand for ADA shortly. From its support for DeFi to artificial intelligence (AI) capabilities and NFTs, Cardano is building a full-suite ecosystem that is sustainable in the long term.

These form the basis for a prospective ADA surge moving forward.

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