Cardano’s price recently surged, marking a double-digit spike that has left many investors buzzing with excitement. As of now, Cardano traded at $1.080, boasting an impressive 12.5% rise within just one day. This remarkable performance has positioned ADA as the standout star among the top 100 cryptocurrencies, further solidifying its place in the spotlight. In the past three days alone, ADA has enjoyed a 25% increase, reflecting a building bullish sentiment among the crypto community.
What’s fueling this skyrocketing Cardano price? A significant catalyst is the growing discussion surrounding a potential spot ETF approval for Cardano this year. This news has injected a wave of optimism into the market, especially in light of possible upcoming changes at the Securities and Exchange Commission (SEC). Such changes could pave a smoother path for ADA compared to earlier cryptocurrencies like Bitcoin and Ethereum, which faced their fair share of regulatory hurdles.
Adding to the positive atmosphere is the recent announcement from the Internal Revenue Service (IRS). The agency has decided to delay crypto reporting requirements until 2026. For many crypto investors and brokers, particularly those navigating transactions on centralized exchanges (CEX), this news has been received as a welcome relief, further fueling the enthusiasm surrounding Cardano.
Investors are showing robust confidence in Cardano, as evidenced by the soaring traded volume during this price uptick. Data from CoinMarketCap suggests that, during Friday’s surge, ADA experienced an 18% increase in its 24-hour trading volume, with 8.8 million ADA transacted. Additionally, ADA’s open interest has reflected this rising confidence, with perpetual contracts climbing 14.59% to reach $666.1 million and futures contracts up 16.99% to $3 million, signaling excitement for continued price increases.
Looking ahead, Cardano’s price dynamics indicate that the climb may continue. Currently, ADA’s pivot point rests at $1.070. If it maintains momentum above this level, the bullish outlook will likely prevail. However, if the price dips below this threshold, sellers could gain traction, potentially reversing the current trend.
When it comes to resistance levels, traders will be watching closely at $1.100. Breaching this point could energize momentum further, pushing toward $1.125. Conversely, primary support is anticipated at $1.045. Falling below this level could jeopardize the positive outlook, opening the door for a further decline that might test $1.020.
As the market buzzes and FOMO (fear of missing out) grows, many eyes are fixed on Cardano. With favorable news and increasing investor confidence, ADA is certainly a cryptocurrency to keep an eye on in the coming days.
