Cardano (ADA) has experienced a significant 42% surge, breaking past the long-standing resistance of $0.40 and reaching a key supply level at $0.45. This rally has renewed optimism among investors looking for sustained strength in ADA's price.
Recent data from Coinglass reveals that ADA's funding rate has climbed to levels not seen since June, driven by strong market demand. This suggests that the rally might just be the beginning of a larger upward trend, as traders leverage increased market interest.
If ADA holds above $0.40, it could establish a new support level, bolstering its upward trajectory and setting the stage for further gains. The coming days are critical as ADA's price action will be closely monitored for its potential to sustain the current momentum.
Cardano has effectively reversed its previous downward trend, setting up a new bullish price structure that attracts both retail and institutional interest. For ADA, maintaining its momentum and establishing support at breakout levels are key to confirming this new trend.
ADA is currently trading above its 200-day moving average at $0.39, indicating a long-term trend reversal with bullish implications. Breaking the resistance level at $0.458 could signal further price increases. Despite the progress, a temporary pullback might consolidate its position before another potential rally.
