Will Cardano (ADA) Reclaim $1 as Whale Interest Grows?

• Cardano has regained momentum, rising over 13% to trade at the $0.84 mark.
• The daily trading volume of ADA surged over 61% to $2.74 billion.

The cryptocurrency market exhibits mixed trends, with assets rising and falling. With Bitcoin’s steady momentum, major altcoins like Ethereum, Solana, and XRP fluctuate and face varying levels of volatility. While looking at Cardano (ADA), it has registered a 13.35% gain over the past 24 hours. 

Notably, Cardano has gained over 58.24% in the past seven days. ADA hit a weekly high of $0.8069 from a low of $0.5332. However, the bullish outlook favors the asset avoiding a deeper slide. 

What Lies Ahead for ADA?

On the contrary, if the ongoing momentum reverses, ADA might slip to the downside, testing the nearby support at $0.7943. If the altcoin continues to trade on the downside, it could further retrace down to $0.7334.

The technical analysis of ADA suggests the existing positive sentiment as the Moving Average Convergence Divergence (MACD) line settled above the signal line. This suggests the potential emergence of a bullish trend.  

In addition, the Chaikin Money Flow (CMF) indicator of ADA is found at 0.21, which refers to the increased demand and positive money flow within the market. Notably, the trading volume of the asset has increased by over 61.53%.

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