Cardano (ADA) has seen a 5% increase in price over the past 24 hours. This reflects the general cryptocurrency market's positive trajectory since the US Federal Reserve cut interest rates.
This surge is partly fueled by ADA short-term holders who are holding onto their coins. Their reluctance to sell is positioning ADA to potentially break through the $0.47 resistance level.
IntoTheBlock data shows an increase in the number of ADA short-term holders over the past month. These holders, usually quick to sell, have adopted a more bullish approach, reflecting a shift in market sentiment.
ADA's attempt to rally above its Ichimoku Cloud on a one-day chart supports this outlook. A breach of the Leading Span A could signal increased buying interest and a potential uptrend.
Cardano's Relative Strength Index (RSI) is at 51.52, indicating increasing buying pressure. If ADA breaks through Leading Span A, it could rally toward Leading Span B, aiming for $0.47.
However, if ADA fails to break Leading Span A, its price could drop to around $0.27.
