The crypto market is on the rise, but Cardano (ADA) is attracting extra attention with a remarkably strong increase. According to analyst Evans Boto, this rebound could be the start of a larger recovery. In any case, the data gives clear signals for this.
ADA shows strong signals of trend reversal
Cardano (ADA) shows several indications of a possible trend reversal. Analyst Evans Boto notes that ADA found support around $0.37 on Monday. The price has now risen by almost 10 percent to approximately $0.44. This means that the currency is moving out of the declining channel in which it was stuck for months.
Analyst Crypto Master 786 also sees a “strong bullish reversal” on the chart. He said buyers have taken back control, increasing confidence in a continued recovery.
In addition, the Taker Buy CVD on CryptoQuant shows a clear increase. This metric indicates that buyers are better able to absorb selling pressure than before. This indicates increased interest and is often seen as a harbinger of further price increases.
Boto further points out that almost seventy percent of the top traders on Binance are currently long on ADA. That suggests that experienced traders are betting on higher prices.
Crypto prices skyrocket due to Vanguard effect
ADA’s rise fits within a broader revival in the crypto market. The Bitcoin price rose by 6.3 percent in the past 24 hours to almost $ 93,200. Ethereum (ETH) is posting a gain of 8.8 percent around $3,100. Sui (SUI) and Chainlink (LINK) stand out with 21 and 17.8 percent price gains respectively.
An important driver behind this optimism is a striking step by asset manager Vanguard. The company added Bitcoin and crypto funds to its trading platform. This brings institutional capital closer and fuels sentiment on the market.
Source: https://newsbit.nl/cardano-herstel-in-zicht-dit-is-waarom-de-ada-data-ja-zegt/
