Cardano ADA/USD price is standing at $0.7929, which marks a rise of around 13% over the past week. The rally follows an increase in new users joining the network, and Cardano's integration with Brave Browser.
According to The Tradable, more than 225,000 new ADA wallets have been created this year, averaging approximately 1,700 new wallets per day.
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The growing confidence in Cardano’s ecosystem follows the broader cryptocurrency market's bull run. A renowned influencer, Gordon, tweeted ‘Bull run coded’ earlier this week, acting as a catalyst for crypto price surge.
According to The Coin Republic, the open interest in Cardano futures has increased by 6.61% in the past 24 hours and reached $987 million.
Cardano's other developments have failed to sustain the positive momentum. Cardano Feed reported that privacy-focused browser, Brave, has announced a strategic integration with the Cardano blockchain. The partnership allows Brave users direct access to the Cardano network within their browser.
According to CoinChapter Cardano briefly spiked to $0.8336 following the partnership news, but failed to sustain an upward momentum
Technical indicators present a mixed picture. Per CoinChapter, four key exponential moving averages (EMAs)—the 20-day, 50-day, 100-day, and 200-day—are converging in a tight range between $0.71 and $0.74.
A convergence forms a strong support base that could lead to upward price movement. However, the lack of robust follow-through on price suggests a degree of market hesitation.
The RSI for ADA currently stands at 63.41. Though it indicates a bullish momentum, approaching the overbought territory (typically above 70), can signal that the upward momentum is slowing.
According to Binance Square, Cardano can move both ways from this point. The token's value can reach $1.01 if ADA successfully breaks above the $0.86 resistance level. It can also fall down to the 50-day SMA, i.e. $0.68, if it breaks below the neckline. The Coin Republic points out that $0.75 is a key support for the neckline.
Although Cardano is successfully attracting new users, the technical indicators present a mixed outlook. Investors may be seeking more concrete developments or broader market catalysts for sustained upward momentum.
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