Cardano Price Soars With Bullish Crossover, Gains 12.2% in a Week
Cardano (ADA) is making headlines as its price surges, delivering an impressive 12.2% weekly gain, leading the top 10 cryptocurrencies in returns. A bullish crossover on the weekly chart has sparked optimism for potential upside momentum, further solidifying investor confidence.
Key Technical Milestone: Bullish Crossover Signals Momentum
The ADA price chart shows a 21-week EMA crossing above the 55-week EMA at $1.09, a significant bullish indicator. Historically, a similar event in February 2021 preceded a 400% price rally, highlighting the potential for substantial gains.
Recent Price Movement: Cardano rose from $0.82 to a high of $1.12, closing at $1.09 with increased trading volumes.
Support and Resistance: Strong support is near $0.83, with resistance at $1.20. Breaking above this level could validate further bullish momentum.
If Cardano mirrors past performance, its price may continue to climb over the medium term, contingent on favorable market conditions.
Cardano Leads Weekly Crypto Gains
Cardano topped the leaderboard for weekly returns among the top cryptocurrencies:
- Cardano (ADA): 12.2% gain
- XRP: 11.9% gain
- Solana: 10.5% gain
- Dogecoin: 8.6% gain
- Avalanche: 5.1% gain
In contrast, Bitcoin posted a modest 1.3% gain, while Ethereum increased by 3.6%. Toncoin was the only top asset to record a negative return, declining by 1.4%.
Cardano’s strong performance boosted its year-to-date return to 14.2% and its market cap to $39.1 billion, reinforcing investor confidence in the asset.
Institutional Interest Fuels Cardano’s Surge
The ADA/USD price rise to $1.09 coincided with Open Interest (OI) reaching $253.88 million, placing it in the 85th percentile of leverage activity. This reflects a significant uptick in institutional involvement, as retail long positions dropped to 67.52%.
Key observations include:
Retail shorts persist: Despite ADA’s upward momentum, retail traders leaned toward shorting the asset, increasing potential liquidation risks if prices continue to rise.
Institutional dominance: The price action’s higher highs and lows suggest institutional leverage is driving the bullish trend.
If current conditions persist, Cardano could test resistance levels around $1.15, though volatility may rise if retail traders sustain their selling pressure.
Addressing “Ghost-Chain” Claims
Cardano’s network activity has surged, refuting accusations of being a “ghost-chain.” Key engagement metrics showcase the platform’s growing adoption:
- Verified Followers: 6.3K out of 54.8K.
- Total Impressions: 46.4 million.
- Engagements: 2.3 million, with a 4.9% engagement rate.
- Likes and Shares: Over 1 million likes, 7.5K shares, and 14.1K bookmarks.
These statistics indicate rising curiosity and active participation in the Cardano ecosystem. Increased network activity could fuel further adoption and awareness, reinforcing its price momentum.
Outlook: Sustained Momentum Ahead?
Cardano’s bullish crossover and market-leading gains reflect strong investor sentiment and institutional interest. If the asset maintains its trajectory, it could break resistance levels and validate long-term bullish projections.
With network activity surging and market trends aligning, Cardano is positioned for continued growth in 2025, cementing its role as a key player in the evolving crypto landscape.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
