Cardano

Million

Daily

<ul class="list-ic vertical">
 <li>1 <a>The ADA crypto has formed a double bottom formation and is eyeing a breakout.</a></li>
 <li>2 <a>Technical indicators and sentiments are favoring the rise.</a></li>
</ul>
The Cardano (ADA) has finally come out of its slump and defied the downtrend. It may witness a range breakout soon and will skyrocket quickly.
The ADA coin replicated a surprising upmove this week, and follow-on buying action was noted. Key indicators have suggested a further rise of over 5% from here.
Over the past few months, the Cardano (ADA) price has been trading in a downtrend. However, the ADA price trades in a significant range throughout the month and is eyeing a breakout.
Amidst the bearish market cycle, the Cardano (ADA) price halted its correction and decisively sustained the 20-day EMA mark. Meanwhile, <a href="https://www.thecoinrepublic.com/2024/05/09/cardano-ada-price-at-crucial-support-can-bulls-resist-selloff/" target="_blank" rel="noopener noreferrer nofollow">Cardano (ADA) </a>initiated the rebound and might outperform ahead.
If the bullish wave triggers, ADA price has to cross the prompt hurdle of $0.500 to skyrocket the gains ahead. At press time, Cardano (ADA) trades at $0.0480 with an intraday surge over 1.02%, replicating a fresh bullish wave on the charts.&nbsp;
The pair of ADA/BTC is at 0.00000715 BTC and has a market cap of $17.70 billion. Analysts have suggested a neutral call and are still cautious.
<h2 class="wp-block-heading" id="strong-cardano-rebounds-with-a-surge-in-volume-what-does-it-mean-strong">Cardano Rebounds with a Surge in Volume: What Does It Mean?</h2>
This week, a smart recovery in the ADA price action was witnessed, with an uptick of over 35% in trading volume. Notably, the ADA price recovered over 15% and is looking for a breakout.
With the rise in demand for the coin and the surge in bullish sentiment, Cardano (ADA) is an ideal buy on dips. <iframe loading="lazy" title="Santiment Chart: Price (ADA), Volume (ADA)" width="1170" height="450" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-18T18%3A29%3A59.776Z&amp;dt=2024-05-18T18%3A29%3A59.776Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bcardano%3BADA%5D%3B%5B1%3Bvolume_usd%3Bcardano%3BADA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Nonetheless, the sudden rise is fueled by the surge in trading volume. This week, a sharp surge in trading volume of over 90% was noted, reaching $460 Million.&nbsp;
This volume buying highlights the investor speculation and willingness to add ADA to their portfolio. Meanwhile, buyers have to break and sustain the 100-day EMA mark to trigger the rally.
The Relative Strength Index (RSI) curve sharply turned bullish and reached the overbought zone, highlighting a positive crossover on the charts.
<h3 class="wp-block-heading" id="strong-will-bulls-be-able-to-reach-the-cluster-0-500-strong">Will Bulls Be Able to Reach the Cluster $0.500?</h3>
Following the sudden price rise, the ADA coin came into the limelight, and investors are closely tracking it.&nbsp;
<h4 class="wp-block-heading">Surge In Daily Active Addresses</h4>
Following the sudden price rise, the early indication was glimpsed by the active addresses data. In recent weeks, a notable rise of over 40% to 33.8k was noted.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="370" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-1024x370.jpeg" alt="Cardano" class="wp-image-206064" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-1024x370.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-300x108.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-768x277.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-1536x555.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-750x271.jpeg 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46-1140x412.jpeg 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-46.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: Artemis
Meanwhile, as per the GIOM indicator analysis, only 40% of the holders at the current price level are in profit, which might be a concern.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="257" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-1024x257.png" alt="Cardano" class="wp-image-206065" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-1024x257.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-300x75.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-768x193.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-1536x386.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-750x188.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229-1140x286.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-229.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: IntoTheBlock
<h4 class="wp-block-heading">Futures Data Replicate the Short Covering Move</h4>
This week, the future derivative data highlights the short-covering activity, and sellers look trapped now.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="231" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230-1024x231.png" alt="Cardano" class="wp-image-206066" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230-1024x231.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230-300x68.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230-768x173.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230-750x169.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230-1140x257.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-230.png 1418w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: coinglass
The open interest dropped over 1.29% to $248.74 Million in the past 24 hrs and is highlighting a possible bullish move ahead.
The immediate support levels for the Cardano (ADA) coin are $0.04600 and $0.04300, whereas the key upside hurdle is around $0.0500, followed by $0.05200.
<h4 class="wp-block-heading">Conclusion</h4>
The Cardano (ADA) coin highlights fresh buying momentum and is eyeing to breach the neckline mark of $0.0500. Meanwhile, the sellers still have an edge, and buyers have to gain more momentum to defeat the seller army.
<h5 class="wp-block-heading">Disclaimer</h5>
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;

Cardano (ADA) Price Roadmap to $0.600: Should You Buy ADA Now?

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