After more than 2 years, Cardano’s price has once again surpassed the $1 milestone, trading at a price of $1.07 at the time of writing. Furthermore, its market capitalization has tripled in the past 17 days, indicating a potential resurgence. In the current bullish market, ADA has garnered the attention of investors and crypto enthusiasts by breaking out of the $1 resistance, reinforcing the confidence of investors in its long-term potential.
Cardano was last seen trading above $1 in April 2022, after which the price declined below the mark. It was only in this bull run, that ADA managed to rise its prices to the mark with its market capitalizationg at $38.38B, an increase of 24% in the last 24 hours. Furthermore, its trading volume has risen to $7.70B, an increase of 135% in the past day, and with a fully diluted value (FDV) of $49.28B.
Technical indicators points to a strong bullish momentum for Cardano. The RSI value at 89.99 represents overbought conditions, and Moving Average Convergence Divergence denotes a bullish trend with the MACD line trading above the signal line. These metrics, along with the increase in market cap and total volume highlights the growing investor interest in ADA.
Whales Drive ADA Growth with Wallet Holdings on the RiseAccording to the liquidation map, there are nearly $70 million of long liquidation leverages at the price of $0.941 and $36 million short liquidation leverages at 1.226. The liquidation map suggests that traders are more optimistic about the price of ADA increasing, as there is less leverage at risk on the upside compared to the downside.
The current market data shows a bid price of $5.48 million and an ask price of $4.06 million. This imbalance indicates strong buying pressure as the demand to purchase ADA is clearly stronger than the willingness to sell ADA at the current price levels. This often signals a potential for continued price increases, as it reflects strong investor confidence in the coin.
