Cardano (ADA) Price Soars 11% as Investors Go Long on the Altcoin

The Cardano price soared over 11% in the last 24 hours to trade at $0.8791 as of 7:28 a.m. EST as investors go long on the altcoin.

Investors are buying layer-2 meme coin Pepe Unchained (PEPU) ahead of its launch and tier-1 exchange listings, while Cardano (ADA) price aims for $0.9127 resistance.

The Cardano price soared over 11% in the last 24 hours to trade at $0.8791 as of 7:28 a.m. EST. Investors are showing renewed interest in the altcoin, which led to a surge in its price.

With the recent surge, the ADA price was able to reach its highest point since May 2022. It is, however, still down over 72% from the all-time high of $3.10 it set on Sep. 2, 2021.

Cardano Price Analysis: 4-Hour Chart

4-hour chart for ADA/USD (Source: GeckoTerminal)

The Cardano price rose above the resistance level at $0.8381 in the last few hours, according to GeckoTerminal data. If the altcoin closes the next 2 4-hour candles above this mark, it could have a solid technical foundation to rise off from and continue its ascent. Traders might subsequently push the Cardano price up to above the $0.9127 barrier in the short term.

ADA’s bullish move could come to an end if traders decide to realize their profits from the crypto’s recent rally. Sell pressure has already started to enter the crypto’s price, which is evident by the wicks present above the last few 4-hour candles.

If the sell pressure proves to be too overwhelming for bulls, the Cardano price might end up dropping below the recently-breached $0.8381 mark. This could then open up the possibility of ADA falling to the subsequent technical safety net at $0.7634 or even $0.6929 if the bearish pressure persists.

A bullish scenario does seem more likely to play out in the next 24 hours, with both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart showing signs of a potential continuation of ADA’s positive move.

RSI readings have risen to the high 60s in the last couple of hours. With the current reading below 70, there is still some room for the Cardano price to climb before it enters overbought territory. The positive slope of the RSI as well as its reading above the 50 benchmark also suggests that bulls are in control of the Cardano price.

Meanwhile, short-term momentum favors buyers. This is after a classic bullish technical signal was triggered by the MACD in the last 24 hours, with the MACD line crossing above the MACD Signal line. As the gap between the two indicators grows, ADA’s momentum appears to show no signs of slowing down just yet.

As ADA targets the $0.9127 resistance, investors continue to FOMO buy layer-2 meme coin Pepe Unchained (PEPU) before its highly-anticipated launch and tier-1 exchange listings in less than 21 days.

Pepe About To Get Its Biggest Upgrade Yet

Pepe Unchained (PEPU) is a layer-2 project on a mission to elevate the Pepe brand to another level in the crypto space. Up until now, the meme’s backers have had their loyalty tested by the high transaction fees and slow processing times native to any crypto deployed on the clunky and congested Ethereum network.

With its lightning-quick blockchain network, Pepe Unchained will free Pepe from the legacy Ethereum mainnet and unlock a 100-fold increase in transaction speeds while simultaneously slashing network fees. This enhanced transactional experience will be easily accessible through Pepe Unchained’s PEPU token.

Besides its layer-2 capabilities, another attribute that places Pepe Unchained in a league of its own in the meme coin space is its high levels of utility. Recently, the team announced the launch of the project’s developer grant program. Approved developers will now have the necessary financial backing to build the next best Web3 app on the Pepe Unchained blockchain.

With its meme coin appeal, combined with its layer-2 capabilities and its unmatched utility, it’s easy to see why experts are bullish on PEPU. Among them is an analyst from the 99Bitcoins YouTube channel, which has over 706K subscribers. In a recent video, the analyst said that PEPU could surge 100X after its launch in less than a month.

Pepe Unchained Raises More Than Double Ethereum’s ICO As FOMO Kicks In Amid Binance Listing Speculation

Pepe Unchained has raised over $40 million through its ongoing ICO, which is more than double the approximately $18.3 million Ethereum managed to raise during its presale.

An investor frenzy has also erupted around