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Cardano records double-digit gains in 24 hours amid easing market sentiments

Cardano records double-digit gains in 24 hours amid easing market sentiments

After weeks of the majority of digital assets trading in a sideways pattern, it is no longer all quiet on the cryptocurrency front, as some tokens are standing out with double-digit gains, including Cardano (ADA).

As it happens, Cardano is witnessing growth in both its daily and weekly charts, strengthening by 12.92% on the day, as well as 13.54% across the previous seven days, according to the data retrieved by Finbold on October 26.

Cardano 7-day price chart. Source: Finbold

That said, these gains are yet to push Cardano’s monthly chart upwards, as it is still logging an 8.82% decrease over the previous 30 days as at press time ADA was changing hands at $0.4063.

In addition, Cardano added over $1 billion to its total market worth, climbing from $12.35 billion on October 25 to $13.99 billion on October 26 as money quickly entered its market cap, retaining its position as the eighth-largest crypto by this indicator.

Cardano technical analysis

Meanwhile, Cardano’s technical analysis (TA) indicators still show hesitancy, although they’re slightly leaning towards the ‘buy’ sentiment. Specifically, the summary is in the ‘neutral’ zone with nine, compared to nine pointing towards ‘buy’ and eight towards ‘sell’.

Upon further breakdown, the oscillators also demonstrate neutrality at eight, with only one pointing towards ‘buy’ and two towards ‘sell’. However, the moving averages (MA) technicals point to a ‘buy’ sentiment at eight.

Cardano technical analysis. Source: TradingView

Is bull run in the cards for Cardano?

Although the technicals are still uncertain, the latest price gains combined with the network’s wallet upgrades and growing number of smart contracts, as well as confidence of the community that expects ADA to trade at $0.51 by the end of November, all give off positive signs.

On top of that, the recent strengthening of the cryptocurrency market as a whole, including its global market capitalization, might just set off a more bullish behavior by the decentralized finance (DeFi) asset in the near future.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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