Cardano price has been strong in recent weeks, jumping to its highest level since July and surpassing the important $0.3000 level. At the time of writing, the price of ADA was trading at $0.3200. In particular, altcoins recorded a rise of 9.82% over the past week and are up more than 20% so far this month. The total market capitalization of its assets rose about 2% over the past day to $11 billion, ranking it 8th.Day After Solana.
ADA rally
Cardano price has recorded significant gains over the past few weeks, driven by surprising on-chain data and broad market bullish signals. Ethereum’s rival Cardano has also recouped some of the losses incurred over the past few months as part of the current cryptocurrency market rally.
Cryptocurrency markets have remained in the green over the past few weeks amid rumors of spot Bitcoin EFTs and Bitcoin’s brief interaction with the key resistance level of $35,000. During this period, the global cryptocurrency market capitalization surged to $1.29 trillion. The cryptocurrency fear and greed index, which measures the main emotions that move the market, rose to a greed level of 72, showing that investors’ risk preference has increased.
Cardano’s rally has also been credited with increased user activity on the platform. Blockchain intelligence firm Santiment highlighted in an On-chain metrics show that ADA address activity has increased by more than 23% over the past three weeks, with whale transactions increasing by more than 32% over the same period.
Cardano price technical analysis
Cardano price has impressed investors over the past few days, following in the footsteps of its flagship cryptocurrency, Bitcoin. Looking at the daily charts, we can see that altcoins have rebounded over the past few weeks and have surpassed their highest levels in three months.
ADA price remains above the 50-day and 200-day exponential moving averages as well as the 100-day and 200-day simple moving averages. The relative strength index (RSI) is in the overbought zone at 78, suggesting increased demand and buying pressure. The moving average convergence divergence (MACD) indicator, which measures the strength of a trend, is pointing to a buy.
Therefore, Cardano price is likely to remain above $0.30, a critical level in the near term. The bulls will need to gather enough momentum to push the price past the $0.40 threshold, which could lead to a potential bounce towards the $1 milestone. However, a drop below $0.30 may push the price lower to $0.2730.