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Cardano is riding the bullish wave as it joined the broader market rally on Thursday, climbing alongside Bitcoin. With ADA already making headlines through network upgrades and rising adoption, there might be bigger price moves ahead.
Data from TapTools shows that over 78% of its total supply is now in circulation, making it one of the most distributed cryptocurrencies out there.
Cardano is now second only to Bitcoin in circulating supply among the top ten cryptocurrencies. Analyst Dan Gambardello recently shared that the altcoin market hasn’t fully started yet. With more money and liquidity coming in, altcoins like ADA are ready for growth.
He said that right now, Cardano is in a good spot with its risk model in the 30s. This has historically been a sign of major price jumps. ADA is testing some important levels, like the 200-week moving average at $0.7832. If it manages to hold above that, it could be a sign the bull market is near.
ADA is currently trading at $0.7957, with gains of over 10% in the past day. Analyst Ali Martinez predicts that ADA could break out towards the $0.80 mark. For that to happen, a key condition needs to be met. He highlights that it first needs to clear the upper boundary resistance of this channel, as he shared a Cardano chart moving within a descending channel on the 4-hour timeframe.
Cardano is seeing a surge in trading, with volumes up 101% to $1.7 billion today. If ADA can break the $0.85 resistance, it could push further towards $1. For now, the trend looks good as long as ADA keeps making higher highs and the RSI stays strong.