Cardano (ADA) Gains Ground as Market Figures Show Promise

The latest market figures show that Cardano (ADA) is gaining ground following a recent price jump.

The latest market figures show that Cardano (ADA) is gaining ground following a recent price jump. Many traders believe this push could fuel another big move for the coin. As the price holds steady, buyers are watching an important price point that could shape what happens next.

Ada settles near 20-day ema as bulls eye $0.70

Over the past week, Cardano has risen by about 10%, which could bring some hope to traders who watched the coin fall in previous weeks.

CoinMarketCap data shows that ADA was trading hands at around $0.637 at the time of writing, and the coin is also closely approaching its 20-day Exponential Moving Average (EMA).

This line tracks the coin’s price over the past 20 days, giving more weight to the most recent prices. A move above this level often signals a shift in market direction.

Though ADA has not fully broken above this level yet, traders are still watching it closely. A clean move above it shows that buyers are gaining control, which could help Cardano push toward $0.70, seen as the coin’s next big resistance level.

On-chain data also supports this outlook, as the Network Realized Profit/Loss (NPL) metric, which indicates whether traders are generally in profit or loss, has recently turned negative.

This implies that many ADA holders are currently in loss, which tends to decrease selling and reduce downward pressure on the price, potentially contributing to price stability or a gradual increase.

On the ADA/USD one-day chart, the Chaikin Money Flow (CMF) indicator, which measures the amount of capital flowing in and out of the asset, is currently positive at 0.03. While that value might seem small, it still indicates that buying pressure is outweighing selling pressure.

In other news, Cardano has now been listed on Interactive Brokers, giving Wall Street direct access to the coin, and this milestone has sparked fresh speculation that $10 ADA could be next.

Volume drops even as whales show interest

It is worth noting that even with the recent price increase, ADA trading volume has dropped. In the last 24 hours, trading activity fell by over 8.6%, according to CoinMarketCap, as over $636.93 million worth of ADA was traded.

This slowdown in volume could mean that some traders are waiting for a clearer breakout before they make their next move.

ADA is one of the top three cryptocurrencies being picked up by these big players this month, which suggests they expect something bigger from the coin.

However, the coin has not kept up with Bitcoin or SHIB, which have seen stronger rallies lately.

If Cardano fails to hold above $0.60, it could fall to the next support level at $0.40. But if buyers keep stepping in, a breakout is still possible. If ADA manages to climb above $0.7002, with RSI above 55 and a MACD crossover, traders could see a rally toward $1 or higher.