Cardano price has been on a bullish trajectory in recent weeks, jumping to its highest level since July and breaking above the crucial level of $0.3000. At the time of writing, ADA’s price was changing hands at $0.3200. Notably, the altcoin has printed a 9.82% increase over the past week and climbed by more than 20% in the month to date. The asset’s total market cap has increased by nearly 2% to $11 billion in the past day, ranking it 8th after Solana.
Cardano price has recorded significant gains over the past few weeks on the back of remarkable on-chain data and broader market bullish cues. Cardano, Ethereum’s competitor, has also been part of the current cryptocurrency market rally, wiping some of the losses made over the past few months.
The cryptocurrency market has been in the green over the past few weeks amid the spot bitcoin EFT buzz and Bitcoin’s brief interaction with the key resistance level of $35,000. During this period, the global crypto market cap has surged to $1.29 trillion. The Crypto Fear and Greed Index, which measures the key emotions driving the market, has increased to a greed level of 72, indicating an increase in risk appetite by investors.
Cardano’s rally has also been credited to an increase in user activity on its platform. Santiment, a blockchain intelligence firm, highlighted in an X post on Thursday that address activity and whale transactions on the Cardano network soared to their highest levels in 3 months. On-chain metrics show that ADA address activity jumped by more than 23% over the past three weeks, with its whale transactions increasing by more than 32% over the same period.
Cardano Price Technical Analysis
Cardano price has been following in the footsteps of the flagship cryptocurrency Bitcoin over the past few days and has managed to impress investors. The daily chart shows that the altcoin has been rallying over the past few weeks, topping its highest level in three months.
The ADA price remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. Its Relative Strength Index (RSI) is in the overbought zone at 78, suggesting an increase in demand and buying pressure. The Moving Average Convergence Divergence (MACD) indicator, which measures the strength of the trend, is pointing to a buy.
Therefore, the Cardano price is likely to continue holding above the important level of $0.30 in the short term. Bulls need to gather enough momentum to push the price past the threshold at $0.40 which could lead to a potential rally to the $1 milestone. However, a dip below $0.30 could further pull back the price to $0.2730.