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Cryptocurrency News Articles
Cardano (ADA) Rallies 10%, Reenters the Top Ten Cryptocurrencies List
Sep 25, 2024 at 07:30 pm
Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization
Cardano (ADA) price analysis: Token surges over 10% in a week, re-entering the top ten cryptocurrencies by market capitalization.
After a rocky price performance in 2023, Cardano (ADA) has shown signs of recovery in recent weeks. The cryptocurrency saw a slight surge in September, registering a 6.2% increase.
Now, ADA has seen a more substantial gain, surging over 10% in the past week. This performance led to a re-entry into the top ten cryptocurrencies list by market capitalization.
Cardano (ADA) price analysis on 4-hour chart. Source: ADA/USDT on TradingView
On Monday, ADA breached the $0.36 price range for the first time in nearly a month. The surge pushed the cryptocurrency toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning.
This performance also pushed Cardano back to the top ten cryptocurrencies after ADA’s market capitalization surged by 6%, surpassing Tron (TRX) in the last 24 hours.
Technical analyst Crypto Yapper noted that ADA closed above resistance and that the cryptocurrency is displaying a higher high on the daily chart. This performance, according to the analyst, “indicates a huge trend reversal for Cardano.”
However, Yapper also noted that for ADA to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structure’s upper line and reach the higher price range of $0.52.
ADA price analysis: Technical perspective
On Monday, ADA breached the $0.36 price range for the first time in nearly a month. The surge pushed the cryptocurrency toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning.
This performance also pushed Cardano back to the top ten cryptocurrencies after ADA’s market cap surged by 6%, surpassing Tron (TRX) in the last 24 hours.
Technical analysts are keeping a close eye on ADA’s price action, with some anticipating a potential 170% surge. Crypto analyst Dan Gambardello highlighted ADA’s recent performance and breakout from a colossal triangle pattern.
To the analyst, if crypto is about to enter a green October, he anticipates ADA will quickly reclaim $1. ADA is trading at $0.378, up 6.2% in 24 hours and 12.2% in seven days.
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