Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has had an incredible 10% increase in the past day, hitting intraday highs of $0.67 at the time of publication.
The increase coincides with a broader market recovery, as other cryptocurrencies, including Bitcoin, are also rising from recent lows.
Since hitting a low of about $0.46 on January 26, ADA has been increasing gradually. As confidence strengthened, ADA posted gains for four straight days, continuing the comeback.
Cardano’s profitability has grown, according to data from IntoTheBlock, with 50% of ADA investors presently making money. This demonstrates that investors do not want to sell ADA at a cheaper price because they see the company’s long-term potential.
In an upward move, ADA may aim for a persistent breach over the daily MA 50 at $0.56, which would open the door for a rise to $0.61. In order for buyers to achieve $0.67, they must overcome this crucial barrier.
Bears, on the other hand, will try to pull the ADA price down to the $0.44 support level if it drops from its present level. The bulls will try to maintain this level because ADA might drop below $0.35 if they are unable to.
In the medium run, things like the halving of Bitcoin and the approval of the Ethereum spot ETF might improve market sentiment and help altcoins like Cardano.
ADA had given back some of its gains as of this writing, but it was still up 7% to $0.52 over the previous day.
Cardano news
Input Output, a Cardano developer, has declared a strategic interest in Five Binaries’ Blockfrost. Blockfrost’s data provisioning and mempool access services are intended to become decentralised with the help of this strategic investment.
Additionally, it shows a common dedication to enhancing and decentralising a crucial component of the Cardano infrastructure.
In the four days since voting started, Project Catalyst, Cardano’s decentralised grant, has amassed about 1.1 billion ADA in voting power. This constitutes around 25% of the overall voting power that is accessible for the F11 election.
