Why is Cardano up by 11% in the last 24 hours?

The cryptocurrency market is having an excellent start to the week, with most of the cryptocurrencies currently in the green zone.

The broader crypto market is trading in the green zone. The total cryptocurrency market cap is up by more than 5% today and currently stands close to $1.3 trillion.

Bitcoin remains the market leader, up by more than 6% over the past 24 hours. At press time, BTC is trading above the $31,500 resistance level.

Ether is also performing well, up by 7% so far today and currently trading above $1,900.

ADA, the native token of the Cardano ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. ADA is up by more than 11% so far today and currently trades above $0.62 per coin.

Cardano has been performing well ahead of the network’s Vasil Hard Fork. The upgrade is expected to take place on June 29 and many expect it to massively improve the network’s scalability and performance.

Key levels to watch

The ADA/USD 4-hour chart is currently bullish as the cryptocurrency has been performing well today. The technical indicators show that ADA has been performing well in the last 24 hours.

The MACD line crossed into the positive zone over the weekend as ADA performed excellently. The 14-day relative strength index of 71 shows that ADA could soon enter the overbought region.

If the rally continues, ADA could surge past the first major resistance level at $0.668 before the end of the day. However, it would need the support of the broader market to trade above $0.720 for the first time this month.

On the flip side, ADA could drop below its 50-day EMA of $0.5605 if the bears regain control of the market.