Cardano (ADA) records explosive rise
The smart contract cryptocurrency surprises the market with an explosive rise, leaving months of falls behind.
The price of Cardano (ADA) experiences an explosive increase of 165% this Friday, reaching $0.6743. This rise occurs in a context of growing demand for alternative cryptocurrencies that are at low prices. After consolidating a support at $0.3079, ADA managed to break a downward trend that had affected it since March, when interest in Bitcoin had eclipsed altcoins.
Cardano (ADA) experiences explosive growth, marking a new chapter in the cryptocurrency market. / TradingView
Market context
Since Bitcoin reached the $90,000 barrier, its growth has been slowed by economic data from the United States indicating a slight rise in inflation and a resilient labor market. This scenario allows ADA, with its relatively low price, to regain ground with an explosive increase. In recent weeks, ADA's trading volume has quadrupled compared to the 25-day average, suggesting renewed interest from investors.
Technical Indicators
Technical analysis shows that ADA has massively broken above the EMA200, which is considered a significant trend change. Currently, the cryptocurrency is overbought, with a relative strength index (RSI) of 81.80 points, but there are no signs of a reversal yet. Over the past week, ADA has accumulated gains of 65.27%, and if it continues this bullish streak, it could face resistance at $0.7790.
Technological Advancements in Cardano
Recently, the Cardano Foundation made important announcements regarding improvements to its technology. The node upgrade to version 9.1.1 addresses technical issues and improves network functionality. In addition, the Plutus team has finished developing features that will be included in the upcoming hard fork, which promises to further strengthen the platform.
The resurgence of Cardano (ADA) not only reflects a change in the dynamics of the cryptocurrency market, but also the platform's ability to adapt and evolve technologically. With impressive growth and significant advances in its infrastructure, ADA is positioned as one of the most promising altcoins of the moment. This Friday it was positioned as the second cryptocurrency with the most gains in the CoinMarketCap Top 100.
Disclaimer: This news is for informational purposes only and should not be considered as financial advice. Investing in cryptocurrencies carries risks.