Cardano price is set to end the month in the green, following a month of increased volatility in the global crypto market. At press time, ADA was trading 6.43% higher at $0.4003. The altcoin has been performing relatively well since the start of the year, securing a place among the best-performing cryptocurrencies. ADA has gained more than 6% in the last week and 60.94% in the year to date.
Cardano price has revisited its highest level since February 21, 2023, after experiencing substantial volatility in the past month. At the time of writing, ADA’s total market cap had moved 4.97% higher to $13.8 billion, ranking it as the 7th largest crypto after XRP. The total volume of the coin traded in the past 24 hours has increased by 15%.
Over the past few years, Cardano has developed a reputation for its focus on research-driven development and innovative development. The altcoin uses a proof-of-stake consensus algorithm which is more energy efficient than the proof-of-work algorithms used by most cryptocurrencies, including Bitcoin. Additionally, Cardano has been improving its transaction speed, which could attract more customers and developers to the platform.
Notably, ADA has seen increased adoption in recent years as more businesses and organizations accept ADA platforms, and developers building more decentralized platforms on the Cardano platform. Even so, ADA still has a long way to go to reach the adoption levels of major cryptocurrencies such as Bitcoin and Ethereum.
Cardano’s partnerships and collaborations over recent years have also driven the ADA price higher throughout the period. Cardano has formed partnerships with Ethiopia and Tanzania, as well as collaborations with academic institutions and research organizations.
ADA price has also been thriving on the back of the recent bullish momentum in the crypto market. The global crypto market cap has been hovering above the crucial $1 trillion level for the past few weeks and currently stands at $1.18 trillion. The largest cryptocurrency by market cap has also been flashing green, boosting the overall market sentiment.
Cardano price has staged a strong recovery in the past few weeks, climbing 32% from its lowest level in March. On the daily chart, ADA has formed an ascending channel shown in yellow. The altcoin has remained above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages.
Its Relative Strength Index has inched higher, hinting at increased buying pressure. The Moving Average Convergence Divergence (MACD) indicator is bullish. As such, the ADA price is likely to continue rising as bulls target the next resistance levels at $0.4246 and $0.500. However, a flip below the crucial support at $0.3540 will invalidate this view.