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Cardano ($ADA), the ninth-largest cryptocurrency in the market, has experienced a significant price breakout, reaching $0.710 on Thursday for the first time since May 2022.
This marks a pivotal moment for $ADA as it emerges from a prolonged consolidation phase encompassing the latter part of 2023 and the initial month of 2024. With the price surge, $ADA now sets its sights on the $1 mark, which it last achieved in April 2022.
$ADA Primed For New All-Time Highs?
The recent price breakout has sparked predictions of an imminent continuation of $ADA’s uptrend, with notable potential to reach new all-time highs (ATH). Crypto analyst Trend Rider has conducted an in-depth analysis of $ADA and issued an alert, signaling the possibility of a new all-time high.
According to Trend Rider, there has been a significant increase in the Trend Strength Indicator, which resembles the beginning of the legendary rally that took $ADA to $3.6. In addition, with Bitcoin (BTC) nearing its peak, the analyst believes the stage is set for $ADA to close the gap and rally to $3.6.
Furthermore, Trend Rider highlights the bullish nature of $ADA’s Moving Average Ribbon and Money Flow Oscillator, which have turned positive after 200 weeks. These macro factors underscore the positive sentiment surrounding $ADA’s potential for growth.
Additionally, the analyst emphasizes that $ADA demonstrates bull run signals previously observed when the token traded at $0.10, just before it skyrocketed to $3. Trend Rider suggests that the shift in trend indicators from bearish or neutral to bullish further reinforces the positive outlook for $ADA’s price trajectory.
Cardano Market Cap And Trading Volume Soars
Coupled with $ADA’s bullish indicators, Cardano has seen notable growth in various key metrics, according to data by Token Terminal.
Over the last 30 days, $ADA has shown significant progress in market capitalization, trading volume, and fee generation. At the same time, fees incurred by $ADA holders have decreased, providing further insight into the token’s recent performance.
Cardano’s fully diluted market capitalization has surged to $28.09 billion, marking a 27.4% increase over the past month. This metric accounts for the potential total value of all $ADA tokens if they were in circulation.
Similarly, the circulating market capitalization, which reflects the value of $ADA tokens currently available, has experienced a significant boost, reaching $21.94 billion, representing a 27.7% rise.
Cardano has demonstrated its popularity in terms of trading activity, as the token’s 30-day trading volume stands at $14.69 billion. Although this figure reflects a minor decline of 4.0% compared to the previous month, it still showcases $ADA’s robust liquidity and investor interest.
As for fees incurred within the Cardano ecosystem, the 30-day fee generation amounted to $396,78K, indicating a decrease of 9.7%. This fee decline suggests improved cost-efficiency for $ADA holders during the given period.
Currently, $ADA is trading at $0.682, experiencing a slight correction in the past few hours. However, when examining longer time frames, the token has demonstrated significant gains of 14%, 13%, and 30% over the past seven, fourteen, and thirty days, respectively.
Featured image from Shutterstock, chart from TradingView.com