Cardano (ADA), the ninth-largest cryptocurrency in the market, has experienced a significant price breakout, reaching $0.710 on Thursday for the first time since May 2022.
This marks a pivotal moment for ADA as it emerges from a prolonged consolidation phase encompassing the latter part of 2023 and the initial month of 2024. With the price surge, ADA now sets its sights on the $1 mark, which it last achieved in April 2022.
ADA Primed For New All-Time Highs?
The recent price breakout has sparked predictions of an imminent continuation of ADA’s uptrend, with notable potential to reach new all-time highs (ATH). Crypto analyst Trend Rider has conducted an in-depth analysis of ADA and issued an alert, signaling the possibility of a new all-time high.
According to Trend Rider, there has been a significant increase in the Trend Strength Indicator, which resembles the beginning of the legendary rally that took ADA to $3.6. In addition, with Bitcoin (BTC) nearing its peak, the analyst believes the stage is set for ADA to close the gap and rally to $3.6.
Furthermore, Trend Rider highlights the bullish nature of ADA’s Moving Average Ribbon and Money Flow Oscillator, which have turned positive after 200 weeks. These macro factors underscore the positive sentiment surrounding ADA’s potential for growth.
Additionally, the analyst emphasizes that ADA demonstrates bull run signals previously observed when the token traded at $0.10, just before it skyrocketed to $3. Trend Rider suggests that the shift in trend indicators from bearish or neutral to bullish further reinforces the positive outlook for ADA’s price trajectory.
Cardano Market Cap And Trading Volume Soars
Coupled with ADA’s bullish indicators, Cardano has seen notable growth in various key metrics, according to data by Token Terminal.
Over the last 30 days, ADA has shown significant progress in market capitalization, trading volume, and fee generation. At the same time, fees incurred by ADA holders have decreased, providing further insight into the token’s recent performance.
Cardano’s fully diluted market capitalization has surged to $28.09 billion, marking a 27.4% increase over the past month. This metric accounts for the potential total value of all ADA tokens if they were in circulation.
Similarly, the circulating market capitalization, which reflects the value of ADA tokens currently available, has experienced a significant boost, reaching $21.94 billion, representing a 27.7% rise.
Cardano has demonstrated its popularity in terms of trading activity, as the token’s 30-day trading volume stands at $14.69 billion. Although this figure reflects a minor decline of 4.0% compared to the previous month, it still showcases ADA’s robust liquidity and investor interest.
As for fees incurred within the Cardano ecosystem, the 30-day fee generation amounted to $396,78K, indicating a decrease of 9.7%. This fee decline suggests improved cost-efficiency for ADA holders during the given period.
Currently, ADA is trading at $0.682, experiencing a slight correction in the past few hours. However, when examining longer time frames, the token has demonstrated significant gains of 14%, 13%, and 30% over the past seven, fourteen, and thirty days, respectively.
Featured image from Shutterstock, chart from TradingView.com
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