TLDR
- Cardano price jumps 10% to $0.91-$0.92, targeting the psychological $1 resistance level
- Trading volume increases 153% to $3.09 billion as market activity intensifies
- Open interest rises 16% to $1.78 billion, showing increased trader confidence
- Whales accumulate over 150 million ADA tokens over past two weeks
- Community approves $71 million development fund allocation for future projects
Cardano price extended its bullish momentum over the last 24 hours. The digital asset climbed nearly 10% and is holding above $0.91.
The rally comes after a decisive breakout. The broader cryptocurrency market is also pushing higher in recent sessions.
Market capitalization increased to $3.97 trillion. Total trading volume topped $253 billion across all cryptocurrencies.
Bitcoin is trading at about $115,000. Ethereum achieved another all-time high during this period.
Solana hit above $200. This contributed to general positivity across the crypto market.
Cardano price has been on an uptrend. Buyers are aiming to break key resistance at $0.95.
A bullish close above this level with substantial volume could trigger a move toward $1.00. Analysts see this as a key signal for continued upward momentum.
Technical indicators are showing bullish signals. A golden cross trend supports further gains.
Whale Activity Drives Price Action
Over the past two weeks, whales accumulated over 150 million ADA tokens. This helped reinforce support near the $0.85 level.
The large-scale accumulation shows institutional and high-net-worth investor confidence. This buying pressure has been a key driver of the recent price surge.
Whale activity often precedes major price movements. The current accumulation pattern suggests continued upward pressure on ADA price.
Several drivers are sustaining positive sentiment. A few weeks ago, the Cardano community adopted a $71 million development fund.
This increased long-term development opportunities. The fund allocation demonstrates active governance and community engagement.
The development fund could attract more projects to the Cardano ecosystem. This would increase utility and demand for ADA tokens.
Cardano Price
Trading volume has continued to climb by 134% to $3.09 billion. With market conditions favoring ADA, the token is likely to continue trending upwards.
A crypto analyst has pointed out a bullish possibility for Cardano on the daily chart. A cup and handle pattern is forming.
If it breaks out properly, Cardano price could surge past $1.30. This level is essential resistance which could generate stronger buying impulse.
Cardano price shows potential to push toward the $1.55 level if buyers stay strong. The cup and handle pattern is nearing completion.
Traders are watching closely for a breakout. Market sentiment remains mixed but cautiously optimistic.
The Relative Strength Index (RSI) is currently at 54.16. This indicates ADA is in neutral territory, going slightly toward the bullish side.
The Chaikin Money Flow (CMF) has a positive value of 0.13. This indicates capital inflows experienced by ADA.
This shows buying pressure is slowly developing. The pressure continues despite temporary consolidation in the short term.
Should Cardano price recover $1.00 on heavy volume, it could increase to $1.10. A break above that level could even propel the rally to $1.20.
The derivatives market has received high levels of activity. The amount of traded currency passed through 74.61% and reached nearly $6.98 billion.
Open interest equally increased, rising about 16.5% to $1.78 billion. An increase in open interest typically indicates more traders entering positions.
