Cardano Volume Soars: ADA Price Setting Up a BedRock for a Fine Bull Run!
Cardano price has undergone a massive price rise in the past few days that has added up another billion in its market capitalisationThe token is approaching crucial levels, which appear to be extremely important to maintain a healthy upswing and regain the $1 milestone
The markets have maintained a healthy upswing since the beginning of the year, which was further aggregated at the beginning of the last quarter. Besides, Cardano continued to trade at a very low pace, with the volatility levels being extremely negligible for quite a while. However, the recent price action and the on-chain readings point towards an extended bullish action that could be set in place as the ADA price appears to have set up a strong base to propel it to reach new highs.
Cardano (ADA) Fundamental Analysis
The ADA price has been consolidating for the majority of 2023 and has been in a significant decline since early 2022. The token has been building throughout the bear market, with significant milestones being achieved. The total value locked (TVL) in both USD value and ADA token supply has surged over the past year and is accelerating.
Besides, multiple protocols have been launched every week, and many more are on the horizon. According to some unconfirmed rumours, Cardano holders are expected to receive the Midnight (DUSK) token, which is a highly anticipated event. Moreover, the network is considered one of the most decentralised chains, and the technology behind it is improving rapidly.
Cardano (ADA) Technicals Analysis
The ADA price has been forming a constant descending triangle since it failed to hold the previous support base. The latest price action has lifted the price above the lower support and is trying hard to hold the price above the gains. The buying pressure is slowly piling up, which indicates the price could maintain a healthy upswing ahead.
As mentioned in the above chart, the Cardano price has risen above the bearish pattern and has also achieved a retracement. Bullish volume is entering, due to which the token’s volatility is soaring. Besides, the DMI is also bullish, as the ADX has displayed a bullish divergence. Additionally, ATR, which is the volatility indicator, has also turned bullish, suggesting the price is set to take off very soon.
Therefore, the current levels around $0.43 can be considered the best entry levels, as the Cardano (ADA) price appears to be poised to hit the psychological barrier at $1 in the first few days of the upcoming bull run.
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