Cardano Seems to Increase Its Upside Momentum
Cardano (ADA) has seen a relatively modest decline of 3.5% this week, trading at $0.3330, a strong recovery considering its sharp 20% drop on Monday when prices hit a low of $0.2749, the lowest since October 23, 2023. This recovery is in line with the general market trend, as Bitcoin (BTC) also pared down its earlier 16% decline to just 1.5%, now hovering around $57,350.
However, investor sentiment around Cardano is mixed due to concerns over declining activity on its network. Interestingly, retail investor activity has surged as prices dipped to around $0.3000, helping to drive a rebound. Cardano prices have since bounced off the $0.3000 support level and are now trending toward $0.4000, with potential for further growth.
The upcoming Chang hard fork is expected to further bolster this upward momentum, providing additional support for Cardano’s price recovery.
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