Cardano gains foothold at top of most rapidly rising assets in top 100
According to CoinMarketCap, Cardano has made it to the top 3 most profitable assets in the market as it has gained around 14% of its value in the last 24 hours, making it the fastest 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.
Longer timeframes like a week present high reversal potential due to ever-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.
Fundamental network growth
The main driver of current growth on ADA could be a variety of releases coming this summer, including the Vasil Hard Fork release, DJED stablecoin, and a whole row of CIPs that will make transactions on the network cheaper and faster.
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 an increase of more than 350% in daily transactions since the start of the year, which suggests the growing adoption of the ecosystem by retail and institutional merchants. Such a huge increase was also fueled by the release of the first decentralized applications built on Cardano.
