ADA is wavering after a strong rally during the weekend

ADA in a strong momentum since recent months
  • ADA has performed tremendously over the last 12 months by surging by more than 700%
  • By gaining more than 140% since the beginning of this year, ADA is now one of the best performing crypto assets
  • Observing the current scenario, it seems like the coin will remain in a bullish momentum crossing the price level of $0.4

Cardano’s native token ADA has surged by more than 700% over the past twelve years. Last weekend when other significant crypto token’s like Ethereum and Bitcoin’s price were dangling, ADA had performed tremendously, reaching towards the price level of $0.38. Following the recent data from the CoinMarketCap, on Monday, after wavering a little, the price surged more towards the level of $0.39. However, after the surge, the price has gained a bearish mood.

The recent performance of Cardano’s ADA

According to CoinMarketCap, ADA is the sixth largest crypto token by market cap. Over the past year, the token has witnessed an outstanding increment in its market cap to $11.58 billion. Since earlier last year, the price of the token has surged by more than 700%. In the past few months, the price of ADA has been on a tear, as the token has gained more than 140% since the beginning of this year. With such a surge, ADA is now one of the best-performing crypto assets in the world.

The reason behind the soaring performance of the token

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Observing the current scenario, it seems like, the surge in the price of ADA is because of the overall market rally. On the other hand, Cardano investors are also pleased by the network’s foundation, as it aims to decentralize the so-called centralized processes. Such processes include the issuance of diplomas, dealing with counterfeit goods, and uses in the healthcare, agriculture, and government sectors. Observing the last week’s hard fork of the token, it seems like that could possibly be a reason for the recent price rally.

Technical outlook and future estimations of prices

Following all the current scenario, the investors are concerned about what next about the token price. Observing the token’s yearly price chart, it is found that the token price has been on a strong upward trend. In recent months, the price has remained moving above the resistance area. However, last weekend, after achieving the price level of $0.38, the token broke the critical resistance zone at $0.35.

Source: CoinMarketCap

Still, the price has remained above the 25-days and 15-days exponential moving averages. On the other hand, the recent price rally of ADA is supported by the Relative Strength Index (RSI), which continued to rise. We can conclude that the price will continue growing in bullish momentum and cross the critical resistance level at $0.4.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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