Convergence

Flow

Cardano

Divergence

Cardano price, a leading proof-of-stake blockchain, has experienced a notable increase in value over the past 2 hours following bullish market trends. The token hovers above the $0.42 mark, reflecting positive investor sentiment and a broader market recovery.&nbsp; 
As of the time of reporting, during European trading hours, <a href="https://coingape.com/price/cardano/">Cardano price</a> is trading at $0.4235, making a surge of approximately 7% in its value. ADA currently holds a market capitalization of $15 billion, ranking it 10th among cryptocurrencies, according to the data from <a rel="nofollow" href="https://coinmarketcap.com/currencies/cardano/">CoinMarketCap</a>. The trading volume over the last 24 hours is approximately $336 million, slightly down by 0.15% from the previous period.&nbsp; 
<h2 id="span-style-font-weight-400-cardano-price-prediction-can-ada-sustain-the-uptrend-span">Cardano price prediction: Can ADA Sustain the Uptrend?</h2> 
Over the past week, Cardano price has seen trading in a range bound of $0.35 to $0.42, indicating a period of consolidation amid fluctuating market sentiments. This movement comes after a notable increase, where <a href="https://coingape.com/markets/cardano-price-analysis-can-ada-rally-to-1-after-downside/">ADA</a> surged by over 20% within a short timeframe. 
According to the data from <a rel="nofollow" href="https://app.intotheblock.com/register">Into the Block</a>, Cardano has witnessed a dramatic increase in significant investor transactions. Activity escalated between July 8th and 9th, with transactions hitting 110 million ADA.&nbsp; 
This spike is linked to substantial purchases by large-scale investors. These strategic moves aim to enhance demand for Cardano, leading to a price increase. 
<figure id="attachment_207366" aria-describedby="caption-attachment-207366" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-207366" src="https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_13-05-22-1.png" alt="Cardano Price Prediction: Trendline Breakout Ignites 7% Rally, Will ADA Sustain Uptrend?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_13-05-22-1.png 1154w, https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_13-05-22-1-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_13-05-22-1-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_13-05-22-1-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-207366" class="wp-caption-text">
 Cardano Price Chart
 </figcaption>
</figure> 
<a href="https://coingape.com/blog/cardano-ada-price-is-rising-17-what-investors-should-know/">Cardano</a> has also implemented a major upgrade on its mainnet. The recent v6.5.0 upgrade brings several improvements. These enhancements focus on the blockchain’s durability and capacity.&nbsp; 
The upgrade aligns with the Cardano node 9.0.0 and includes the Ogmios update. A notable feature of this update is a new query for the protocol’s treasury and reserves, as explained by <a rel="nofollow" href="https://x.com/_KtorZ_/status/1811725601377570921">Ktorz</a>, the technical director at the Cardano Foundation. 
<h2 id="span-style-font-weight-400-can-ada-reach-the-0-50-mark-in-the-next-rally-span">Can ADA Reach the $0.50 Mark in the Next Rally?</h2> 
If bullish traders dominate, Cardano price could overcome the $0.45 resistance barrier. Such a move could energize the cryptocurrency, propelling it toward the $0.5 threshold. With continued bullish momentum, ADA might even approach the $1 milestone during the next market upturn. 
Conversely, lacking market strength could lead to a decline in ADA’s value. It might fall back to the $0.42 support level. Further bearish trends could push Cardano to a lower support level at $0.4. 
The daily technical indicators for Cardano (ADA) show a subtle yet positive movement in its price.&nbsp; The Moving Average Convergence Divergence (MACD) shows a signal line at -0.0024 and a MACD line at 0.0070. This indicates a narrow margin between the two, suggesting a potential change in momentum could be approaching, although the market remains cautious. 
<figure id="attachment_207367" aria-describedby="caption-attachment-207367" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-207367" src="https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_11-27-22.png" alt="Cardano Price Prediction: Trendline Breakout Ignites 7% Rally, Will ADA Sustain Uptrend?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_11-27-22.png 1154w, https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_11-27-22-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_11-27-22-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/07/ADAUSD_2024-07-13_11-27-22-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-207367" class="wp-caption-text">
 Cardano Price chart| Source: <a rel="nofollow" href="https://www.tradingview.com/x/Coasd2er/">TradingView</a>
 </figcaption>
</figure> 
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">Relative Strength Index</a> (RSI) stands at 59.07. This value is below the overbought threshold of 70 but indicates that the market is nearing a stronger bullish sentiment.&nbsp; 
The Awesome Oscillator (AO), depicted in green and red bars, shows a small green uptick, suggesting a potential increase in positive momentum. The Chaikin Money Flow (CMF) shows a sharp rise, indicating increased buying activity around the current levels. 
The post <a href="https://coingape.com/markets/cardano-price-prediction-trendline-breakout-ignites-rally-will-ada-sustain-uptrend/">Cardano Price Prediction: Trendline Breakout Ignites 7% Rally, Will ADA Sustain Uptrend?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction: Trendline Breakout Ignites 7% Rally, Will ADA Sustain Uptrend?

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