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The crypto market has a completely new lease on life, with Bitcoin and altcoins like Cardano (ADA) recording sharp price gains, per CoinMarketCap data. Specifically, Cardano has seen a visible shift in its on-chain metrics, suggesting that a somewhat bigger rally is ahead.
Cardano on-chain data shifts
Over the past 24 hours, Cardano trading volume has recorded more than a 23% increase. Within this period, the digital currency has seen a total of more than $834 million, shuffled through trading platforms.
With gradual liquidity returning to the market, speculation about how much of an upside it will be for the Cardano price are now growing. By implication, the ADA price is gradually eyeing a retest of the $0.30 resistant level.
As of writing time, the Cardano price is up by 1.55% in the past day and has a spot market price of $0.2668. The last time ADA was priced at $0.30 was Jan. 31, after which it has recorded a series of higher lows under varying market conditions.
With Cardano open interest always fluctuating and RSI and the moving average teasing a comeback, a retest of the resistance zone might open the ADA price to wilder price rallies.
Role of Midnight network
Amid the growing push for a Cardano rebound, the role of the privacy chain, Midnight Network, is also under review. As the sidechain hinted, the mainnet for the blockchain is on track to be launched later this month, setting a new era of privacy for Cardano.
With top federated node validators like Google Cloud and Vodafone now added to the lineup, exposure to the broader Cardano ecosystem is poised to grow. With Midnight, Cardano can have a proxy rival against Zcash and other privacy-focused chains.
While the ADA price is largely considered undervalued, the technical posture and ecosystem trends hint at a big breakout ahead.
Dan Burgin
Vladislav Sopov
