Cardano Surges 7% in 24 Hours as ADA Eyes Rally to $0.47
The crypto market has certainly turned around this week. With the Federal Reserve cutting interest rates for the first time in four years, Bitcoin has already increased above $63,000. Moreover, Cardano has followed suit, with its 7% increase today paving the way for ADA’s continued rally to $0.47.
The asset has enjoyed quite a bounce back. Yet, its performance is not completely reliant on the overall market sentiment. Indeed, Cardano has embraced a recent update that has made it among the most advanced networks within the entire industry. That could be set to pay off, as it looks to make a notable move upward.
Also Read: Cardano Founder to Meet Argentina President, Talk Crypto Economy
Cardano Surge Prompts Optimism as ADA Eyes 30% Rally
A recent poll saw Cardano dominate some of the most prominent cryptocurrencie. Specifically, some tradres stated that ADA had more impressive technology than either Ethereum (ETH) or Solana (SOL). That sentiment looks to be the basis for an impending price increase for the token.
The asset has enjoyed an impressive day so far. Over the last 24 hours, Cardano has increased more than 7%, as ADA could eye further gains to $0.47 from its current position. Its performance Thursday is a return to form, as the token has lost less than 1% over the last seven days, according to CoinMarketCap.
Also Read: Cardano Founder Says ADA Upgrade Makes it Faster Than Solana
IntoTheBlock data shows that ADA short-term holders have increased in the last month. That means that the asset has more traders acquire the token for less than 30 days. These traders are quicker to sell, but they have shown more of a bullish perspective throughout September so far.
That has led to an increase in the tokens’ relative strength index (RSI). Currently, the figure stands above 51, which shows that buying pressure has increased, creating a more thorough opportunity for a rally if it overcomes its most important resistance levels.
Indeed, ADA is currently facing a crossroads. If it is able to break through the level it has been unable to conquer for the past several months, it could face a 30% surge. However, if it cannot, there is the potential for a price drop to around the $0.27 mark. It all depends on the stance of short-term holders. Specifically, if these traders are able to more thoroughly embrace a bullish position.