Cardano Price Surges 2.17% as Active Addresses Jump 38%

Cardano’s (ADA) price has surged beyond the critical resistance level of $0.74, marking a significant milestone in its recent performance. This surge has attracted considerable attention, with discussions intensifying about a new dollar threshold for ADA. The altcoin season index, as indicated by CoinMarketCap, settled at level 34, signaling a shift of capital from Bitcoin to altcoins. This shift is supported by the introduction of the Cardano Card by Emurgo on July 15, which enables global spending, DeFi rewards, and treasury allocations with ADA coins. The resurgence in blockchain activity has played a crucial role in supporting the price increase.

According to Santiment, active Cardano addresses surged by 38% over the last ten days, reaching 38,500. This growth reflects the impact of the Cardano Card launch. Emurgo’s card solution enhances network usage, and channeling profit shares to the treasury ensures sustainable funding for the Cardano ecosystem. User activity within the network has established a solid price structure above $0.74, which strengthens the foundation for a prolonged uptrend. Historical data suggests that as the number of active addresses continues to grow, ADA’s price is set to gain momentum.

Valued at $26.31 billion, ADA has experienced a 2.17% daily rise, absorbing recent gains despite a reduction in trading volume. While a drop in volume may signal a calm period, the price remaining above the 20-day simple moving average of $0.7361 confirms buyers’ dominance. This level currently acts as a psychological threshold. The recent price movement of Cardano (ADA) has been particularly impressive, with the cryptocurrency surging from around $0.58 to test resistance near $0.75. After a brief pullback, ADA is holding support near the 20-day Exponential Moving Average (EMA), signaling consolidation before a possible next leg up. This technical pattern, along with increased accumulation by large holders, suggests growing institutional interest in the cryptocurrency.

Cardano's technical indicators also paint a positive picture. The recent "Golden Cross" pattern on the weekly chart, a bullish crossover of the 50-day and 200-day moving averages, signals a strong momentum shift. The 200-day moving average, now reclaimed near $0.64, acts as solid support. On-chain data further supports this bullish outlook, with increased accumulation by large holders hinting at growing institutional interest. In the 4-hour chart, the price approaches the upper band of the Bollinger Bands at $0.7607, with the $0.68–$0.70 range providing short-term support. The Relative Strength Index (RSI) is at 58.59, remaining below the overbought zone, which increases the likelihood of testing the interim resistance at $0.78 in the next attempt. The current scenario indicates a compression in volatility, suggesting proximity to an upward move.

Analysts have set bullish Cardano price forecast targets between $1.20 and $1.83, with some even eyeing $0.85 as a feasible next milestone if momentum persists. Cardano's expanding DeFi ecosystem, strategic partnerships with organizations, and possible ETF approval further bolster this outlook. Additionally, the introduction of a new ADA/USD1 trading pair on the Bitrue exchange provides traders with an alternative to traditional BTC or ETH pairs, potentially enhancing liquidity and making ADA more accessible to a broader audience. The surge in network activity and technical momentum suggest that ADA's journey toward higher price levels is feasible if demand continues to grow. With these factors in mind, Cardano's recent performance highlights an exciting chapter in the evolving landscape of cryptocurrencies.