Token

Cardano

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April

Cardano (ADA), currently positioned as the 9th largest cryptocurrency by market capitalization, has encountered a downward trend following the prevailing bearish sentiment in the crypto market. <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history/" target="_blank" rel="noopener ">Bitcoin </a>(BTC), the market leader, has led the way in price corrections for top cryptocurrencies.&nbsp; 
Despite ADA’s recent retracement of nearly 20% in the past week after reaching a 22-month high of $0.810 on March 14, there are indications that a potential <a href="https://www.newsbtc.com/analysis/ada/ada-price-prediction-0-75/" target="_blank" rel="noopener ">trend reversal</a> is on the horizon. This shift in momentum could potentially drive ADA towards reclaiming the $1 mark, which it hasn’t reached since April 2022. 
<h2 id="bullish-momentum-building-for-ada">Bullish Momentum Building For ADA</h2> 
Crypto analyst “Trend Rider,” who shares his insights on the social media platform X (formerly Twitter), has highlighted ADA’s market shift from bearish to bullish trends. Looking at the two-week chart, key moving averages are realigning, signaling a transition to a bullish framework as indicators move from red to green.&nbsp; 
<a href="https://x.com/TrendRidersTR/status/1770441959020093907?s=20" target="_blank" rel="noopener nofollow">According </a>to the analyst, this pattern is similar to a previous occurrence observed just before ADA embarked on a significant bull run.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-598926" src="https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=860&amp;resize=860%2C484" alt="Cardano " width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=1600 1600w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJHex2WWMAAtvtp.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
If history repeats itself and mirrors the April 2021 bull run, where ADA rose from $0.133 to its current all-time high (ATH) of $3.168 in less than a year, posting gains of over 2000%, a similar uptrend could easily take ADA past the $1 mark.&nbsp; 
If another 2000% price surge materializes, it could push Cardano’s native token to reach the $12.6 level, marking a significant quadrupling of its <a href="https://www.newsbtc.com/news/cardano/cardano-breakout-network/" target="_blank" rel="noopener ">all-time high </a>milestone. 
While the market correction continues, Trend Rider has <a href="https://x.com/TrendRidersTR/status/1770102612567691274?s=20" target="_blank" rel="noopener nofollow">identified </a>crucial support lines that must be held back to maintain the bullish structure. According to the analyst, the trend support for ADA is anticipated to range between $0.45 and $0.52.&nbsp; 
<h2 id="key-cardano-metrics-soar">Key Cardano Metrics Soar</h2> 
Cardano has shown significant progress in key metrics, as indicated by data from Token Terminal. The figures reflect a significant increase in market capitalization, trading volume, and fees, highlighting the adoption of the Cardano blockchain ecosystem.&nbsp; 
According to Token Terminal <a href="https://tokenterminal.com/terminal/projects/cardano" target="_blank" rel="noopener nofollow">data</a>, Cardano’s fully diluted market capitalization is approximately $29.80 billion, representing strong growth over the past 30 days. This figure indicates the total value of all ADA tokens, including those not yet in circulation.&nbsp; 
Furthermore, the circulating market capitalization, which factors in only the tokens currently available for trading, has also experienced a notable increase, reaching around $23.35 billion.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-598927" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_83.jpg?w=674&amp;resize=674%2C451" alt="Cardano " width="674" height="451" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_83.jpg?w=674&amp;resize=674%2C451 674w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_83.jpg?w=460 460w" sizes="(max-width: 674px) 100vw, 674px" data-recalc-dims="1"> 
Moreover, Cardano has witnessed a significant surge in trading volume over the past 30 days. The<a href="https://www.newsbtc.com/news/cardano/cardano-ada-price-rally-is-far-from-over/" target="_blank" rel="noopener "> trading volume</a> has soared to approximately $27.96 billion, reflecting an increase of 117.5%. This surge indicates heightened market activity and a growing demand for ADA tokens. 
Another noteworthy aspect revealed by Token Terminal data is the substantial growth in fees generated within the Cardano network. Over the past 30 days, fees have amounted to approximately $506.07k, demonstrating a significant increase of 36.5%.&nbsp; 
When annualized, the <a href="https://www.newsbtc.com/news/cardano-ada-price-alert-analyst-predicts-60-rally-in-next-7-days/" target="_blank" rel="noopener ">fees generated</a> by the Cardano blockchain reach an estimated $6.16 million, reflecting a notable growth rate of 5.2%. This signifies the expanding usage of the Cardano network for various transactions and applications. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/MdNVogYV/" alt="Cardano " width="1815" height="858"> 
ADA is trading at $0.603, down 2.6% in the last 24 hours.&nbsp; 
Featured image from Shutterstock, chart from TradingView.com

Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH

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