Cardano Surges 5.705% as Bullish Sentiment Grows

Cardano's latest price was $0.6591, up 5.705% in the last 24 hours. This surge in price is indicative of the growing momentum and bullish sentiment surrounding the cryptocurrency. Cardano's founder, Charles Hoskinson, has been vocal about his optimism for the future of the cryptocurrency. He has predicted that Bitcoin, the world's largest cryptocurrency, could hit $250,000 by the end of the year. This prediction is based on the entry of Big Tech companies like Microsoft and Apple into the crypto arena, as well as regulatory progress. Hoskinson believes that the global economy will adjust to a 'new normal,' leading to cheaper capital and more investment in crypto. He also expects a temporary lull in the market, followed by a significant surge of speculative interest around August or September.

Despite the relatively low total value locked (TVL) of $303 million for a cryptocurrency valued at over $21 billion, Cardano has been showing signs of revival after a stretch of sideways movement and bearish pressure. The amount of stablecoins in the network stands at $31.4 million, which is also a small amount. However, the altcoin is now displaying signs of growing momentum, with bulls gradually returning to the scene with renewed confidence. This growing momentum suggests that Cardano is laying a solid foundation that could support a more durable rally.

Cardano's bullish structure was recently highlighted by crypto analyst Gemxbt, who pointed out that the price trends steadily above 5, 10, and 20-hour moving averages. This alignment of short-term moving averages typically signals sustained buying pressure and growing bullish momentum in the market. It also suggests that the bulls are maintaining control in the short term, keeping Cardano on a steady upward path. This calculated pace might actually be a sign of strength rather than weakness, as the altcoin is laying a solid foundation that could support a more durable rally.

Cardano's growing momentum is also reflected in its recent price action, which has been steadily increasing. The altcoin has moved inside the symmetrical triangle shown in black and is attempting to move above the 25-day moving average. The coin has also risen above the strong, pivot, reverse point at $0.5860. Therefore, a cross above the 25 EMA will point to more gains, potentially to the major S&R level at $0.80, up by 22% from the current level. This growing momentum suggests that Cardano is slowly but steadily catching the attention of market watchers as it begins to reclaim upward momentum.