Cardano’s ADA has been on a significant bullish run, leading the larger crypto market and Bitcoin itself. The asset increased by well over 6% just in the last 24 hours. This remarkable increase happened alongside a record surge in overnight trading volume, driven by a rally in the broader crypto market. As with other recent signs of a maritime rebound, depression market analysts are uncertain if this volatility portends a long-awaited recovery or just another blip.
According to CoinDesk Analytics, ADA established a strong uptrend, peaking at $0.611 at 08:00 UTC, a 5.69% increase from the opening price of $0.578. CoinDesk Analytics is CoinDesk’s new AI-powered analytics tool. It produces market data analysis, price movement reports, and other financial content specializing in cryptocurrency and blockchain markets, again backed by human reporters.
The data further reveals that ADA faced significant downward pressure between 14:50 and 15:49 UTC on July 3, declining from $0.599 to $0.589, a 1.7% loss. A sharp sell-off occurred at 15:35 when the price plummeted to $0.589, accompanied by an extraordinary volume of 7.5M, establishing a clear support zone.
Around the $0.590 level, high volume support emerged during the 05:00 UTC hour, with buying pressure propelling ADA upward on above-average volume of 48 million. The subsequent pullback found resistance at $0.609 during the 12:00 hour with elevated volume of 81.6M, suggesting profit-taking after the rally.
The asset attempted recovery between 15:36 and 15:42 UTC, forming a minor consolidation pattern around $0.591, but failed to sustain momentum as selling pressure resumed. In the last few minutes of trading the price recovered from the day’s low of $0.588 to end the session at $0.589. This change is a sign that the short-term bearish momentum run may be exhausted.
Helene Braun, a New York-based markets reporter at CoinDesk, explained such differing views of ADA’s future. While some point to a potential bullish reversal with targets around $0.70-$0.72, others note bearish on-chain metrics, including declining active wallets and substantial exchange outflows. Braun covers the latest news from Wall Street, the rise of spot bitcoin exchange-traded funds and updates on crypto markets.
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