The digital asset market saw a 2.35% decline in the past 24 hours, prompting many investors to reassess their portfolios. Cardano (ADA), though down by 2.87%, shows potential for a bullish rally according to market indicators. 📈
Currently at $0.5750, ADA has bounced from earlier lows of around $0.538. Despite ongoing volatility and the coin’s descent towards the $0.50 support level after seven days trading at $0.5216, a recent rally offers hope for a positive future outlook.
On-chain platforms reveal significant whale buying activity amidst the bearish market shift, with ADA attracting attention from those who believe this could be a consolidation period. Whales have historically favored Cardano, and if they view current prices as a good discount, it could trigger more accumulation in the coming days.
Will Coinbase’s listing catalyze momentum? ⚡️ With a significant listing on the major U.S. exchange for institutional investors, ADA is likely to attract retail investors as well. This is expected to propel Cardano’s price towards reclaiming $0.60 in the short term.
While trading volume has decreased by 0.44% to $1.47 billion in the last 24 hours, consistent buying from current levels could further lift the price.
Read the original article on U.Today.