Cardano Bulls Take Charge as ADA Surges 18% in Just 7 Days
Cardano's native cryptocurrency ADA has been on a tear, emerging as the best-performing digital asset over the past week. The token has surged by an impressive 18% in just seven days, with its price currently trading at around $0.20.
This sudden revival comes after a year of decline, which saw ADA's valuation plummet to a multi-year low of under $0.14 in June. However, the start of August brought a reversal, and the bulls have remained in charge ever since.
The return of 'whales', large investors who purchased over 240 million coins in less than a week, is seen as the main catalyst for this resurgence. Analysts are now predicting further gains, with some envisioning an additional uptrend for the asset.
Popular analyst Rand Group noted that recovering the key zone of $0.25 could trigger 'the full bullish reversal.' Sjuul | AltCryptoGems also chimed in, arguing that ADA's structure is 'absolutely bullish' after forming a series of highs.