The post Cardano Rises $56% To Dominate Top 10 Roster appeared on BitcoinEthereumNews.com.

Altcoins such as Cardano (ADA) had a widespread increase in value, similar to the altcoin cycle observed in early November. This cycle occurred when the momentum of Bitcoin slowed down, prompting traders to secure profits and allocate their investments towards smaller cryptocurrencies. Because of the consistent price of Bitcoin (BTC), which encouraged capital rotation to alternative coins, native tokens associated with layer 1 (L1) blockchains saw the greatest gains on Saturday. Cardano (ADA) was the top performer in the weekend’s top 10 rankings. According to Coingecko data, ADA price increased by 27% to 64 cents in the last day, for a strong 56.3% growth over the previous seven days. It is the largest increase since August 2022. With the removal of the three major obstacles—the $0.40, $0.45, and $0.50—investors may begin to experience FOMO, or “fear of missing out,” as they discover ADA to be a compelling investment. Cardano Bullish Momentum Sparks Optimism No doubt, Cardano has emerged as one of the most appealing assets available on the cryptocurrency scene, attracting interest as traders fervently hope that the current bullish trend holds or if they are in for a startling letdown. The money flow index’s (MFI) steady rise indicates that Cardano is firmly in the hands of bulls. For traders, there are currently several prospects for scalping, but in order to maintain investor optimism for a recovery to $1.00, ADA price needs to confirm higher support above $0.64. Cardano currently trading at $0.622836 level today. Chart: TradingView.com An indicator that keeps track of money coming into and going out of Cardano is the MFI. Prices usually increase when the inflow volume far exceeds the outflow volume. This could account for the breakout from $0.65, and ADA might try to close the difference to $1 before the end of December if…

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Filed under: News - @ December 9, 2023 3:10 pm