Cardano (ADA) Price Shows Signs Of Higher Breakout, Here’s Why

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The Cardano (ADA) price increased more than 8% in the last 2 days as the crypto market rebounds from recent lows. Cardano traders are expecting a breakout in ADA price from the current levels as crowd sentiment becomes positive for the first time since mid-November.

In the last 24 hours, the price has risen nearly 2%, and is trading at $0.95.

Cardano (ADA) Price Builds Strong Positive Sentiment

On-chain data analytics platform Santiment said in a tweet that there is positive sentiment building up in Cardano’s price at current levels. The Cardano (ADA) Weighted Social Sentiment has jumped to positive levels from FUD levels after the recent price increase, which indicates the ADA price will see a continued rise from here.

Despite a continuous decrease in ADA price from its ATH of $3.10, Cardano’s traders expect the ADA price is currently oversold and could move higher from here to above $1.20.

 Cardano (ADA) Weighted Social Sentiment
Cardano (ADA) Weighted Social Sentiment. Source: Santiment

“Cardano has enjoyed a modest +6% price rise in the past 24 hours, and traders have been itching for the 9th market cap ranked asset to break out. Crowd sentiment toward ADA currently sits at the most positive levels since mid-November.”

Moreover, Cardano founder Charles Hoskinson and many analysts expect a significant increase in the Cardano (ADA) price as Cardano DApps are waiting for the Vasil hard fork in June. On April 18, the total ADA staked has reached 76%, giving further hope to the Cardano community.

Cardano’s Projects and Wallets Have Reached Record Levels

Cardano has nearly 900 projects under development, with about 400 new projects added since March. Moreover, the Cardano is witnessing a rapid increase in wallets, with over 100k created since last month. The total wallets now stand at 3.26 million.

With the increase in projects and wallets, the 9th largest cryptocurrency could see a modest increase in prices in the future. The token has benefited from increased interest in proof-of-staking blockchains, ahead of Ethereum’s big shift later this year.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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