Cardano Reaches 1st Place Among Most Profitable Assets in Last 24 Hours

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Mon, 06/06/2022 - 10:49
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According to CoinMarketCap, Cardano has reached the top 3 of the most profitable assets on the market as it gained around 14% to its value in the last 24 hours, which makes it the most quickly growing asset in the top 100 of the CMC.

ADA technical analysis

According to the chart, ADA has reached the upper border of an extremely long falling wedge, and it may break it at some point. Previously, U.Today covered the potential of Cardano exiting the global downtrend and starting a new rally up to the top.

Source: TradingView

Longer timeframes like one week are showing high reversal potential because of the constantly decreasing volatility and overwhelming selling pressure.

The Relative Strength Index indicator has reached a three-year low in May, suggesting a reversal, which we already saw after ADA successfully bounced off the $0.5 price support level and is now trading at $0.63.

Network's fundamental growth

The primary driver of the current growth on ADA might be a variety of releases upcoming this summer, including the Vasil Hard Fork, DJED stablecoin release and a whole row of CIPs that will make transactions on the network cheaper and faster.

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We previously mentioned that institutional investors are dropping some of their ETH and BTC holdings and switching to Cardano because of the network's high potential in the future and relatively low price compared to the fundamental value of the ecosystem.

Previously, the network celebrated more than a 350% year-to-date increase in daily transactions, suggesting the rising adoption of the ecosystem among retail and institutional traders. Such an enormous increase was also fueled by the release of the first decentralized applications built on Cardano.