While the cryptocurrency market was experiencing a mini altcoin season, it also started to show extreme greed data. The fact that the Bitcoin price spent a significant time above $ 43,500 and then rose further had a positive impact on other assets. Bulls gaining strength from leading assets Cardano It also had an impact on the price. ADA managed to attract attention by rising over 25% in the last 24 hours.
ADA price is known for its slow but steady pace and this is the main reason why there are no sharp increases in the price even though the markets are under the bullish influence. The fact that traders became more active on the network quickly changed this outlook and triggered a rapid and strong growth in price. According to on-chain data, the number of daily active addresses has reached the peak of the last three months.
Koinfinans.com As we reported, the daily active address shows the trading activities of market participants, regardless of whether they are buying or selling. The sharp increase in activity indicates that investors are becoming optimistic about the token, which could have a positive impact on the value of the cryptocurrency. In addition, there was a healthy recovery in the number of unique addresses, which had been declining. Since prices have been on a steady rise since the beginning of the month, this indicates an increase in purchasing volume.
Additionally, Cardano’s social dominance continues to grow as more discussions have been recorded over the past few days. These factors led to a massive increase in ADA price and it is now closer to testing one of the key resistances at $0.6. The altcoin seems to have recovered from the post-FTX crash losses and hence the bulls are expected to push the price towards the next resistance at $0.8.
A minor pullback can be expected as the ADA price has reached levels not visited since August 2022. However, the bulls seem confident in maintaining the bullish momentum and thus may eventually push Cardano price above $0.8 after initially testing the intermediate resistance at $0.6 and then $0.685.