Cardano (ADA) Soars 10% in a Week: Can It Reclaim the $1 Mark Soon?
In the past seven days, Cardano (ADA) has delivered a strong performance. Starting at around $0.6467, ADA quickly shifted gears and climbed to its current price of $0.7159, marking a solid 10.70% increase....
In the past seven days, Cardano (ADA) has delivered a strong performance. Starting at around $0.6467, ADA quickly shifted gears and climbed to its current price of $0.7159, marking a solid 10.70% increase. The movement wasn’t without bumps; however, the overall trend stayed bullish. The current uptick reflects a growing confidence among investors as Cardano builds momentum after weeks of sluggish movement.
Key Metrics Strengthen the Momentum
The market capitalisation of Cardano stands at an impressive $25.27 billion, representing a 2.54% increase alongside a 24-hour trading volume of $647.12 million, up 1.38%. ADA’s volume-to-market cap ratio stands at 2.55%, a healthy indicator of intense trading activity relative to its size.
7-day price chart. Source: CoinMarketCap
While the circulating supply has reached 35.30 billion ADA out of a maximum supply of 45 billion, the total supply remains nearly complete at 44.99 billion ADA. These metrics, when combined, paint a picture of a vibrant and active ecosystem. Over the last 24 hours alone, ADA’s price fluctuated between a low of $0.6843 and a high of $0.7169. Despite these swings, the asset managed to retain most of its gains.
Related article: Cardano Struggles to Hold $0.64 as Volume Dips Nearly 4%
Compared to its all-time high of $3.10 on September 2, 2021, ADA remains down by 76.93%. However, when you zoom out and consider its all-time low of $0.01735 from October 1, 2017, the cryptocurrency is still up a staggering 4020.65%. This historical perspective demonstrates the remarkable resilience of Cardano over time.
What’s Next for Cardano?
Given its recent strength and steady trading volume, Cardano is setting the stage for a possible continued rally. Although reclaiming its all-time high remains a tall order for now, surpassing short-term targets, such as $0.75, seems within reach if bullish momentum persists.
Related article: Cardano Faces Declining Sentiment as Whales Sell 170 Million ADA, Price Trends Lower
Moreover, ADA’s technical setup and market fundamentals suggest that further gains may be possible, provided the overall cryptocurrency market remains supportive.
Cardano’s 7-day performance highlights a refreshing shift in sentiment. Investors now have a reason to keep a closer eye on ADA as it fights to regain its former glory. If current trends hold, the coming weeks could offer even more upside surprises.
Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
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