What’s driving Cardano’s 3.8% price surge?

[CryptoChamp]

 

Cardano ADA has seen a 3.8% price increase in the past 24 hours, currently trading at $0.3482. This surge follows recent market recovery and increased whale activity.

Whale Activity Boosts Confidence

Data from IntoTheBlock shows that whale transactions increased by 10%, with 19.5 billion ADA coins moved, valued at $6.48 billion. When whales — investors holding large amounts of ADA — start moving coins, it often signals that big players are positioning themselves for gains. This recent spike suggests increased market confidence in ADA.

Bullish Signs in the Charts

Cardano is showing strong technical indicators. It has found support at the $0.32 level, a key area for nearly two years. The weekly Relative Strength Index (RSI) also shows a positive divergence for the first time in four years, suggesting that the bearish phase could be ending.

Potential for Major Gains

ADA has formed an inverse head and shoulders pattern, a classic bullish signal. If this trend continues, ADA could aim for a price of $0.61 or even its yearly high of $0.81.

With ongoing innovations in DeFi, smart contracts, and NFTs, Cardano is well-positioned for growth and could deliver strong returns in the near future.

[capitulinagarage]

Cardano’s 3.8% price surge might be from all the updates and partnerships they’ve been rolling out lately. I’ve noticed that every time they release some big news, like a new upgrade or collaboration, there’s always a jump in price. The community around Cardano is really strong too, which seems to play a role in driving things. A few weeks back, I swapped some tokens using https://stealthex.io , and I remember seeing a bunch of people talking about Cardano on forums. Maybe that hype is finally showing in the price. Either way, it’s nice to see some action in the market again.

Edited September 20 by capitulinagarage