Cardano (ADA) Flashes Bullish Trend with $0.3 Reclaim and Daily Wallet Surge

Cardano’s ADA continues to surge, reclaiming a crucial level thanks to the new wave of optimism feuled by TradFi.

Cardano bull with many ada tokens.
Created by Kornelija Poderskytė from DailyCoin
  • Cardano’s ADA is recovering from the SEC’s allegations made in early June. 
  • The token recently reclaimed a crucial level after TradFi showed interest in the crypto industry.
  • ADA’s performance has sparked enthusiasm among investors.

Cardano’s ADA is finally showing signs of recovery following the unwarranted pressure it faced from the SEC’s security classification. This resurgence is thanks to TradFi’s burgeoning interest in the crypto industry, which has sparked a wave of optimism within the market.

Having rallied 8% in a single day, the token has continued to surge, gaining an additional 8% to reclaim a crucial level. The recent performance of Cardano’s ADA has infused investors with excitement as they eagerly anticipate a summer bull run. 

Still More Juice Left in ADA

On June 21, Cardano’s ADA registered an 8% price gain rallying from $0.24 to $0.28, causing over $1.47 million in short liquidations across ADA futures. With shorts out of the picture, Cardano rallied another 8% from $0.28 to reclaim the crucial $0.3 level on June 22, according to CoinMarketCap data.

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Cardano’s recent performance has led to market sentiment flipping from mostly bearish to mostly bullish, according to IntoTheBlock data. While on-chain sentiment remained bearish, exchange and derivatives markets signaled bullish trends. 

Cardano sentiment analysis diagram.
Cardano sentiment analysis. Source: IntotheBlock

At press time, sentiment surrounding Cardano’s ADA has turned neutral, coinciding with its pullback to the $0.29 level. Coinglass data reports that open interest for Cardano’s ADA derivatives exceeds $125 million, with a long-to-short ratio of 0.9732. This suggests a slightly bearish sentiment among traders and investors. 

Despite what sentiment says, Cardano, as an ecosystem, is still showing steady growth in adoption this month. 

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According to Cardano Blockchain Insights, Cardano has been adding an average of over 2,400 new crypto wallets daily in June, bringing the total number of Cardano holding addresses to 4.1 million. At press time, Cardano has grown by over 48,000 new addresses in June, bringing the total number of new crypto wallets added this year to 315,643. 

On the Flipside 

  • Cardano recently made a new DeFI TVL all-time high of 507 million ADA.
  • Cardano Founder Charles Hoskinson has hinted at a Cardano Summer this year. 
  • Cardano’s ADA is still 21% down from its June peak of $0.381 and has yet to recover from the SEC’s accusations. 

Why This Matters

Cardano has been range bound for the majority of 2023. Recent developments suggest it could break out from its range if it maintains momentum. 

Read more about Cardano:

Cardano (ADA) Sees 8% Uptick in Bitcoin-led Rally, Whale Interest Burgeons.

Find out about Cardano’s new update: 

How Cardano Improves Node Performance in New Update

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.