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Cardano (ADA) is now the 10th largest cryptocurrency by market capitalization following a surge in its price. As the general crypto market rebounded, ADA’s price quickly climbed by 11% in the last 24 hours.
Positive momentum in ADA
According to CoinMarketCap data, ADA spiked 11.11% in the past day to $0.355 and 9.27% over the past even days. While sentiments in ADA remain neutral overall, the trading volume experienced a 5.23% increase to $219,327,138.
Cardano began to rebound after hitting a low of $0.303 on Sept. 6. Since then, the coin has continued upward, even hitting $0.36 on Thursday, Aug. 12. The latest rally has pushed ADA above the daily SMA 50 of $0.354, which has held back its price since mid-April. ADA attempted to breach this barrier in July and August, but the bulls were rejected.
The next crucial support level for ADA is now at $0.365. A breakout above this threshold could set the token for further price increase. Conversely, ADA’s price may drop if it fails to breach the level.
Advancements in Cardano ecosystem and crypto market rebound
The price increase is consistent with the overall market recovery and advancements within the Cardano ecosystem. The blockchain recently conducted innovative upgrades that have helped increase ADA’s utility and adoption.
On Sept. 1, Cardano took its first major step toward decentralized governance with the launch of the Chang hard fork upgrade. Additionally, Cardano founder Charles Hoskinson recently disclosed that Ouroboros Leios, along with rollups, is coming to Plutus V3 and scaling solution Hydra.
Meanwhile, the past 24 hours have seen top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Shiba Inu (SHIB), move back to the green zone. The current crypto market rally is fueled by positive U.S. inflation figures for August, which supports forecasts for a Federal Reserve rate cut in the coming weeks.