Cardano Rallies Past Downtrend on Strong Inflows

Cardano has been experiencing a rally past its long-term downtrend as seen in recent market movements. According to Coindoo, the ADA price climbed to an intraday high of $0.196 before giving back part of the move, leaving it around $0.19 at the time of writing.

The token is currently testing resistance between the 100-day SMA at $0.1984 and $0.20, with its price remaining above the former wedge boundary and support near $0.1848.

Large Cardano addresses added more than 240 million ADA over five days, according to Santiment data. This increase represents around $46 million in ADA and coincided with a price gain of roughly 20%.