Cardano [ADA] is up by a whopping 190% since the July low. As a result of its huge gains, ADA has surpassed several top coins to emerge as the third-largest crypto-asset by market cap. It has breached pivotal resistance points to establish a new peak on the 23rd of August as volatility took a massive leap.
ADA slumped last week as selling pressure intensified after the asset’s jump hit $2 the first time after May’s correction. However, it mounted higher in the next few days which depicted a price structure that has the possibility to target higher points in the near future.
Over the past 24-hours, Cardano [ADA] rallied by 12.80% which drove its price to $2.80. At the time of writing, the digital asset recorded a market cap of $91.16 billion and a 24-hour trading volume of $7.97 billion.
Cardano [ADA] Daily Price Chart:
The volume has risen significantly over the past couple of weeks that has cushioned the massive uptrend. However, the figures are yet to reach May 2021 levels. The moving averages, on the other hand, aligned with the bulls after ADA’s price structure recovered from the correction. While many prominent crypto-assets sustained death cross this year, ADA was among a handful of coins that managed to steer clear of the bearish trend. As a matter of fact, the 50 DMA [Pink] has been moving further away from the 200 DMA [Yellow].
Additionally, the 50 DMA just underwent a bullish crossover with the 100 DMA [Blue] that coincided with the formation of new ATH.
The long green closing bars of Awesome Oscillator [AO] showed the intense bullish momentum in the coin market. The Klinger Oscillator [KO] also depicted a similar sentiment. The rally’s strength has lifted the daily Relative Strength Index [RSI] one of the highest readings as it continued to hover in the overbought region.
Cardano’s latest price action displays an optimistic outlook wherein the asset could rake in further gains above $3-level. The support points, on the other hand, were found to be at $1.5, and $1.37 respectively.