Cardano ADA Price Continues to Rise: What Makes It Test the $0.6 Resistance?

Crypto News – Most cryptocurrencies are gaining speed as the crypto markets enter an era of excessive greed.

Cardano ADA Price Continues to Rise: What Makes It Test the $0.6 Resistance?

After stabilizing over $43,500 for a few days, the price of Bitcoin surged above $44,000. This points to the bulls’ increasing strength, which could finally lead to a nice uptick in the upcoming days. However, Cardano was able to draw notice due to the significant increase in the price of ADA, which has increased by more than 7% in the last day, making it the top gainer.

Even though the markets were influenced by bulls, the ADA price is renowned for moving slowly but steadily, which has kept the token from seeing a sharp ascent. However, as traders have been more active on the network, the trade plan appears to have evolved, which might further support a good upswing. The daily active address has increased significantly and reached quarterly highs, according to the on-chain data.

Cardano’s Social Dominance Increases

Additionally, as more conversations have been documented in the last few days, Cardano‘s social influence is growing. These elements have caused the price of ADA to skyrocket, bringing it closer to testing one of the key resistances at $0.6. The bulls are anticipated to show extreme vigor in order to drive the price towards the next resistance level at $0.8, as the token looks to have recovered from the loss sustained following the FTX scandal.

A slight decline might be anticipated given that the price of ADA has reached levels last seen in August 2022. The Cardano price may eventually rise above $0.8 after first testing the temporary resistance at $0.6 and then at $0.685, though, as the bulls seem confident enough to maintain the current trend.