#ADA! Cardano (ADA) rose by 4.5% in the last 24 hours due to positive chart signals, reallocation of investments into altcoins, and positive events in the ecosystem.
Technical breakout from the downtrend channel and formation of a 'golden cross'
Growing interest in altcoins amid a decline in Bitcoin's dominance to 62.56%
Network updates, such as the launch of the Cardano Card, increasing the number of active addresses
1. Key Factor: Technical Breakthrough
On July 15, ADA broke out of a multi-week downtrend channel, resulting in a weekly increase of 23%. The 9-day exponential moving average (EMA) crossed above the 200-day EMA (forming a 'golden cross') at $0.72 (The DApp Analyst). The relative strength index RSI(7) reached 85.21, indicating strong momentum. The next resistance level is at $0.87 (potential growth of 17%), with open interest at $1.26 billion (U.Today).
2. Market Trends: Redistribution into altcoins
The altcoin season index rose by 25% over the week to 35 out of 100, while Bitcoin's dominance decreased by 1.09% to 62.56%. The daily trading volume of ADA ($1.32 billion) reflects overall liquidity changes in the sector — the spot cryptocurrency volume increased by 146% to $874 billion, and open interest in derivatives reached $721 billion (CMC Global Metrics).
3. Supporting Factors: Ecosystem Development
The launch of the Cardano Card (July 15) increased the number of active addresses by 38% to 38,500 (Santiment via CMC)
Apex Fusion's partnership with Haskell experts from Well-Typed (July 16) increased institutional investor confidence
Accumulation by large investors (whales) — 120 million ADA ($71 million) in recent weeks — has reduced selling pressure (Ali Martinez)
Output
The rally in ADA is driven by a combination of technical momentum, support from altcoins, and real progress in the ecosystem. However, the high RSI(7) at 85 warns of possible consolidation. With market dominance at 0.71% and a turnover ratio of 4.88, will ADA maintain liquidity to overcome resistance at 0.87?