Cardano (ADA) Quietly Soars 32% Through Fear... "Retail Investors Are Moving Again"

▲ Cardano (ADA)

Cardano (ADA) has shown the strongest upward trend among the top 20 cryptocurrencies by market capitalization, surging over 32% in a week. Since its June low, 14,783 new wallets have been added, indicating a resurgence in activity among individual investors.

According to crypto media outlet U.Today on July 5 (local time), Cardano rose for four consecutive trading days, with its weekly increase exceeding 32%. Most of the top 20 cryptocurrencies by market capitalization saw weekly increases ranging from 1% to 18%, while Zcash (ZEC) and Bitcoin Cash (BCH) rose by 20% and 23% respectively.

On-chain analytics firm Santiment analyzed that Cardano's price rose against market trends after a period of strong fear, uncertainty, and doubt that fueled community division last month. Cardano fell to $0.138 on June 25, reaching its lowest level since December 2020, but has since rebounded 37% from that low. Since the June 23 low, the number of new wallets holding a balance has increased by 14,783.

Santiment noted that individual investor support was one of Cardano's strengths even during the prolonged bear market. The increase in wallets after weeks of fear could be a sign of renewed confidence among market participants. Cardano touched $0.2 for the first time in about a month.

The first hurdle for the uptrend is $0.2. Cardano pulled back from this price level on Saturday, and if it surpasses $0.2, the next target is set at $0.27, near the 200-day daily moving average. When profit-taking occurs, $0.138 was mentioned as a support level.

All readiness criteria for the Van Rossem hard fork have also been met on the Cardano network. Intersect announced in a July 3 update that overall readiness had reached 83%. Following the price rebound and increase in new wallets, network upgrade preparations are also showing progress.

[Article Key Summary]

-Cardano recorded the strongest upward trend among the top 20 cryptocurrencies by market capitalization, rising over 32% in a week.

-Since the June 23 low, the number of Cardano wallets holding a balance has increased by 14,783.

-If $0.2 is surpassed, the next target is set at $0.27, near the 200-day moving average.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*