- Cardano (ADA) surged nearly 16% in the past week, fueled by market optimism after the Federal Reserve rate cut.
- ADA reclaimed its spot in the top 10 cryptocurrencies, surpassing TRON with a market cap of $13.89 billion.
- The token could test the $0.665 resistance level, with a potential target of $1 if the rally continues.
Cardano (ADA) is experiencing a notable surge, aligning with the broader cryptocurrency market’s bullish phase. Over the past week, ADA has climbed by nearly 16%, signaling strong upward momentum with potential for further gains. This bullish rally follows the recent Federal Reserve rate cut, which has fueled optimism in the market alongside Bitcoin’s continued surge, pushing altcoins like ADA to new heights.
In a key milestone, Cardano (ADA) has reentered the top 10 cryptocurrencies by market capitalization, overtaking TRON (TRX). As of today, Cardano boasts a market cap of $13.89 billion, leaving TRON in the 11th spot with a market cap of $13.06 billion. This shift underscores ADA’s renewed strength and growing investor confidence.
At the time of writing, Cardano (ADA) is priced at $0.386341, with a 24-hour trading volume of $667.99 million. The ADA price has jumped 6.62% in the last 24 hours alone, reflecting heightened market activity and sustained bullish sentiment.
Cardano (ADA) Poised for Major Upside, Eyeing $1
From a technical perspective, ADA appears to be on the verge of an even larger breakout. The token recently confirmed a decisive breakout above its descending resistance line and has moved past the 100-day moving average, signaling a strong bullish outlook.
This technical setup suggests that ADA could be gearing up for a test of the $0.665 resistance zone. If this level is breached, ADA could set its sights on the coveted $1 target.
Cardano’s momentum and improving market conditions suggest that further upward movement is likely in the near term. Traders and investors will closely monitor whether ADA can sustain its breakout and push toward higher resistance levels, potentially propelling the token into new territory.
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