3 months ago
29
Top altcoins display recovers following Bitcoin’s 5% 24-hour jump to reclaim the $61K mark. Meanwhile, Cardano appear ready to lead the charge. According to Santiment, ADA’s weighted sentiment stood at a lucrative 1.69, outshining the likes of Bitcoin and Ethereum.
Santiment added that Cardano explores the highest bullish sentiments in 2024, a significant observation after prolonged downtrends that left the alt down nearly 50% within the last five months.
Source – SantimentThe impressive sentiments around ADA amid bearish price actions reveal the contrasts within market trends.
Nevertheless, the much-awaited Chang hard fork, designed to transform Cardano’s governance structure, likely contributed to the prevailing optimism.
Meanwhile, these updates likely rescued ADA from its relentless declines as the altcoin saw a remarkable uptick over the past day.
ADA surpasses near-term resistance zones
The altcoin has significantly deviated from its previous downtrend as it crossed crucial hurdles. Cardano gained nearly 5% over the past day to hover at $0.3446 at this writing.
Positive sentiment from ADA’s community amid broad market recoveries bolstered price surges over the past day.
Continued upswings would see the alt challenging the resistance at $0.3872, beyond which significant roadblocks stand at $0.4409 and $0.4740.
Chang hard fork and Binance Pay boost Cardano sentiments
The Chang upgrade narratives have influenced the altcoin’s price movements over the past few sessions. The hard fork represents a vital innovation in blockchain, unlocking new opportunities for Cardano users while addressing fundamental obstacles.
While the Chang developments have kept Cardano on investors’ radar, the latest Binance Pay updates brought light to ADA after its latest top-10 exit.
The Cardano Foundation revealed that Binance Pay clients can now transact using ADA, enabling global merchants to access instant payments and zero transaction charges.
Binance Pay boasts more than 30 million users, and its massive user base would be crucial in driving Cardano’s adoption.
ADA’s current price outlook
The token trades at $0.3447 after gaining 4.89% in the previous 24 hours. A 22% uptick in daily trading volume suggests more upswings for ADA.
ADA 1D Chart on CoinmarketcapCardano’s price jump comes as the altcoin lost its top-ten position to Tron (TRX). Furthermore, Coinglass data confirms investor optimism, with most players anticipating ADA surges.
Coinglass liquidation map shows investor sentiment towards the altcoin turned positive overnight, with long positions at $10 million, dominating shorts at $3 million.
Also, the Relative Strength Index at 60.44 supports more upswings as ADA is yet to enter the overbought territory.
Maintaining the current momentum could propel ADA past the crucial resistance at $0.4740 and possibly reclaim its top ten spot.
The post Cardano displays upward momentum as ADA’s positive sentiment hits 2024 peaks appeared first on Invezz
English (US) ·