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Cardano (<a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noopener noreferrer nofollow">ADA</a>), the eighth-largest cryptocurrency by market capitalization, experienced a notable 3.4% price increase in the past 24 hours.
Cardano’s price rally occurs amid a broader <a href="https://crypto.news/meme-coin-rally-bonk-wif-brett-and-pepe-are-all-up-15/" data-type="link" data-id="https://crypto.news/meme-coin-rally-bonk-wif-brett-and-pepe-are-all-up-15/" rel="noopener noreferrer nofollow">recovery</a> in the cryptocurrency market. Bitcoin and Ethereum are also seeing slight gains of 2.5% and 2.2%, respectively.
<h3 class="wp-block-heading" id="bullish-reversal">Bullish reversal</h3>
Technical analysis on TradingView indicates that Cardano may be on the verge of a bullish reversal.
The cryptocurrency has shown a “change of market character” and broken above the resistance of a wedge pattern, suggesting a potential shift towards a more bullish trend.
This positive price action is partly driven by significant accumulation by whales or investors holding large amounts of ADA. <a href="https://app.intotheblock.com/coin/ADA" target="_blank" rel="noopener noreferrer nofollow">Data</a> from the market intelligence platform IntoTheBlock reveals that Cardano whales (those holding between 100 million and 1 billion ADA) have increased their holdings by 11% over the past 30 days, making up 6.71% of the total Cardano supply.
Such whale accumulation is considered a bullish signal, indicating that these large investors are positioning themselves for a possible price surge.
<h3 class="wp-block-heading" id="technical-analysis">Technical analysis</h3>
Data indicates strong buy support for Cardano, around $0.36, which could help prevent a deeper correction. However, Cardano faces significant resistance around $0.50. According to technical analysis, the cryptocurrency must break above the $0.51 level on the weekly chart to confirm a bullish continuation.
At the time of writing, Cardano is priced at $0.3571, with a 24-hour trading volume of $370.8 million. Its market capitalization stands at $12.6 billion, representing 0.61% of the total cryptocurrency market cap, making ADA the 11th largest cryptocurrency by market capitalization.
Over the past year, Cardano’s (ADA) price has increased by 23.6%, indicating a positive long-term trend. However, ADA has underperformed compared to 58% of the top 100 crypto assets and is still lagging behind major cryptocurrencies like Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>). Cardano’s all-time high price of $3.09 was reached on September 2, 2021, while its lowest price of $0.01925 occurred on March 13, 2020.
The current market sentiment around Cardano is neutral, with the Fear &amp; Greed Index at 50. Despite the recent price drop, Cardano shows positive future market activity. Based on historical breakout patterns, analysts like Javon Marks have predicted a potential short-term gain of 462% and a long-term surge of 1500% to $7.80.
Read more: <a href=" https://crypto.news/cardano-founder-crypto-industry-doesnt-need-bitcoin-anymore/&nbsp;" rel="noopener noreferrer nofollow"> Cardano Founder: Crypto industry doesn’t need Bitcoin anymore </a>

Cardano climbs as cryptocurrency market rebounds

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