The value of Cardano’s ADA has soared nearly 10% in the past 24 hours, joining the broader crypto market in a strong recovery rally.
The coin’s technical indicators point to renewed bullish momentum, suggesting that ADA may be gearing up for further gains in the near term.
Cardano Gathers Steam with an 8% Gain
ADA is up 8% over the past day, with its recent price action hinting at growing investor confidence. A key factor supporting this upward trajectory is the rise in its Chaikin Money Flow (CMF), signaling increased capital inflow and accumulation.
At press time, this indicator, which measures the flow of money into and out of an asset, rests above the zero line at 0.05 and is in an uptrend.
An asset’s positive CMF reading indicates that buying pressure is stronger than selling pressure, suggesting accumulation. This signals growing bullish sentiment in the ADA spot markets as more investors buy the altcoin.
Additionally, ADA’s Moving Average Convergence Divergence (MACD) is approaching a potential golden cross—a historically bullish indicator that occurs when the MACD line (blue) crosses above the signal line.
The MACD indicator measures asset price trends and identifies reversal points. When a potential golden cross emerges, it hints at an upcoming bullish crossover, often seen as an early indicator of upward momentum.
This suggests that ADA’s short-term price strength is increasing, which, if confirmed, could lead to a sustained price rally.
Cardano Bulls Eye $0.76 as Buying Pressure Mounts
A combined reading of these bullish signals reflects strong buying pressure behind ADA, with traders potentially anticipating a breakout. If momentum continues to build, ADA could soon challenge and surpass the resistance level at $0.64.
A break above this barrier may open the door for an extended rally, especially if broader market sentiment remains supportive. In that case, the coin’s price could reach $0.76.
On the other hand, if ADA loses its bullish momentum, it could drop to $0.54.
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