Key Insights:
- Cardano is consolidating between $0.65 and $0.72, eyeing a breakout above $0.777.
- ADA’s social sentiment has reached a four-month high, and its market cap dominance has risen significantly.
Cardano has regained bullish momentum and remained stable above the support zone of $0.65. Despite the market roller coaster movements, it has been consolidating in a tight range and seemed ready for a potential rally ahead.
At press time, ADA price was trading at $0.7109, noting an intraday decline of over 0.20%. Its market cap stood at $25.05 Billion and ranked 8th in the overall crypto market.
Cardano’s Market Buzz Surges: Will Price Follow?
According to on-chain analytics platform Santiment the social sentiment of Cardano has reached its highest point within the past four months.
Social media users became more engaged as ADA experienced its recent price changes per the firm’s analysis.
The observations revealed positive feelings as a dominant aspect during this period.
The broader crypto market turned green this week, with bullish sentiment lifting several altcoins. ADA followed suit, posting a modest recovery.
The SEC recognized ADA utility through its mission to enable smart contracts that serve government institutions.
The SEC’s action bolstered hope for supporters of the ecosystem. ADA received further recognition through this addition that supported its growing adoption and momentum across the market.
Rising Market Cap Dominance Signals Strength
According to Cardanians_io data Cardano has secured a 78.22% rise in market cap dominance starting from 2024.
At present ADA holds 0.93% to the total crypto market value after its market cap rose from its previous level of 0.52%.
During this period Ethereum (ETH) along with Solana (SOL) lost 34% of their combined market share.
Market participation remains high according to the data which shows ADA as one of the top 24-hour volume leaders.
Even though its price activity has slowed, the token maintains high trading volumes. The growing dominance suggests that both institutional investors and retail investors show increased interest in this market.
Cardano Price Prediction: Is $1.18 the Next Target?
A recent post by Rose Premium signals a falling wedge breakout from February 13. ADA price revisited the $0.65 level on March 2.
For the past few sessions, the token’s price has been hovering between the cluster of $0.65-$0.70. If the token surpasses the hurdle of $0.77, it may see a major rally ahead.
If the bullish reversal holds, a 71% rally toward $1.22 could be seen ahead. Further targets, contingent on volume and broader market strength, include $1.52 and $1.86.
Data from Coinglass shows that the Open Interest (OI) has surged over 0.57% to $750.09 Million, revealing a slight surge in user participation.
Interestingly, the OI-weighted funding rate turned positive at 0.0023% revealing an increased demand for the long contracts.
However, in the past 24 hours, $1.73M worth of long positions have liquidated compared to $573k worth of short positions.
This imbalance hints that bullish traders were still feeling uncomfortable in holding their long positions due to price consolidation or fear of missing out.
Despite the uncertainty among the market participants and lack of volume spurt, ADA price might continue to consolidate between the cluster of $0.7100-$0.7200.
The immediate support zones were $0.65 and $0.62, whereas the resistance zones were $0.73 and $0.77.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
