Cardano Price Surges 116% in 24 Hours, Bulls Eye $0.26
Cardano's (ADA) price has surged by over 116% in just 24 hours, reaching above $0.20 for the first time in weeks.
The increased activity and buying pressure have rekindled bullish sentiment around ADA, but technical indicators suggest that significant obstacles remain before a long-term bull run can begin.
After hitting its June bottom, Cardano spent several weeks building a higher-low structure before breaking out. The token has since extended its recovery toward the 100-day moving average and reclaimed its 20-day and 50-day moving averages.
The recent rally has been accompanied by a sharp increase in spot trading activity across major exchanges, with ADA's volume on Binance alone exceeding $334 million over the past day. Derivatives data also indicates an improvement in sentiment, with top traders remaining net long and a balanced liquidation ratio.