Cardano (ADA) is exhibiting early signs of a potential recovery as its market dominance increases, with a 3.6% gain in the most recent 24-hour trading session.
Cardano dominance has steadily ticked higher since a low of 0.6% on July 2, with the rise surpassing 0.65% in the early Wednesday session.
This uptick in dominance might suggest that Cardano is capturing a larger share of the total crypto market, outperforming many altcoins in relative strength, and technical analysts are beginning to pay closer attention.
Following a protracted period of decline since August 2021, the rising dominance could indicate an incoming trend reversal.
Momentum indicators, including improving RSI and rising support levels, hint at bullish momentum building beneath the surface. If this trend continues, Cardano might soon breach important resistance levels, clearing the path for a longer-term gain.
Cardano outperforms top 10 cryptos in daily gains
According to market data, Cardano has seen notable upward momentum in the last 24 hours, outpacing Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and the rest of the top 10 cryptocurrencies. This relative strength suggests that ADA is becoming a favored bet among traders looking for undervalued assets with growth potential.
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At press time, ADA was up 5% in the last 24 hours to $0.6147. Cardano is likewise outperforming the top 10 in weekly gains, up 10.07%, except XRP, which rose 10.03% during the same period.
The move comes as Cardano’s dominance inches higher, indicating rising investor confidence and growing traction within the ecosystem.
According to on-chain data, large holders, or whales, accumulated over 120 million ADA in the last two weeks, suggesting strong conviction from deep-pocketed investors.