The cryptocurrency market has done exceptionally well as the market has changed its sentiment to a bullish tone as a result of recent increases. The market capitalization of all cryptocurrencies has risen to $2.16 trillion.
The altcoins are hinting towards a “altcoin season” and Cardano has weekly support of around $1.22, according to Bitcoinsensus, and we may expect a bounce-back down to Fib levels $1.01-0.956 and a new higher bottom at these levels.
ADA Price Action
The coin is currently trading at the key 1.15 level, slightly below the $1.22 resistance level which has been in place since February 8, 2022, putting the $1.40 resistance level in play. For investors, the increase from $1.22 to $1.40 implies a 14.75 percent gain.
If the ADA breaks through the $1.40 resistance, the next crucial milestone is $1.60, which represents a 31 percent gain from the $1.22 level.
The formation of higher lows and higher highs indicates that ADA is now in an uptrend. The current market buying pressure has prepared the environment for a possible breakout above the $1.2 resistance level in the coming days. In order to achieve this, the bulls must maintain their buying pressure.
The MACD indicator is in the bullish zone, indicating that it might be the time to buy. The RSI is currently displaying strong bullish momentum. These factors show that if the price of ADA rises above $1.2, it could approach $1.50 in the short to medium term.
Institutional investors appear to be investing in bulk into global payments network Cardano, according to a renowned crypto analytics firm (ADA).
According to a new tweet from IntoTheBlock, the volume of ADA on-chain transactions of more than $100k has surged by 50x in just 2022.
“Yesterday, a total of 69.09 billion ADA were moved in these large transactions, representing 99% of the total on-chain volume.”