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- Cardano has experienced a 5% increase in price over the past 24 hours.
- This could mark the notable 5th week of consecutive green candles.
The native token of the Cardano blockchain, ADA, has seen a 5% price increase in the last 24 hours. Despite the excitement surrounding the Ethereum Shapella Upgrade, many altcoins in the cryptocurrency market are showing little movement; however, ADA, AVAX, UNI, and Dogecoin (DOGE) have made a significant impact today. Each of these cryptocurrencies within the top 20 has recorded a rise of over 4 percent.
ADA Price Chart (Source: CMC)
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Notably, the Cardano token has achieved its 7th consecutive green candle (in terms of days) since January. There are optimistic expectations for this week to break the trend and initiate a 5-week series of green candles. The token has not reached this level since September 2021.
In terms of price analysis, Cardano has exceeded the current resistance level of $0.4134, with the next resistance target set at $0.5698. The current RSI is recorded at 53.28, suggesting neither a sell nor buy signal. Therefore, predicting the next movement of ADA is challenging.
At the time of reporting, ADA was trading at $0.4146, with a market capitalization of $14,413,120,398. According to the official monthly on-chain report from the Cardano Foundation, there is an increase in the number of native token transactions along with the growth in wallet counts. In summary, there are positive expectations for ADA to conclude this week in the green.
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