Cardano (ADA) continues to gain ground in the crypto market, thanks to a large increase in its price during the last days, managing to reach a new all-time high of $ 2.47.
At the time of writing ADA is trading at $ 2.25, accumulating a 0.67% gain in the last 24 hours and 27.10% in the last 7 days.
The recent rise in the price of this crypto sent it up to 4th place in the market, thanks to a market capitalization of $ 72.831 million.
To give you an idea of the significant size of this capitalization, just 6 months ago the Ethereum market was just as big.
Now Cardano is $ 15 billion away from Binance Coin, who is currently the 3rd largest in the crypto ecosystem.
The growth of this cryptocurrency is due to the progress of this project, complying with the updates of the roadmap towards a network compatible with smart contracts and highly scalable.
In addition to the increase in capitalization, the popularity of this coin is also reflected in the recent high open interest in ADA futures, of more than $ 940 billion. Last year we rarely saw this volume exceed $ 4 billion.
Open interest in Cardano futures. Source: Bybt.
The long-term outlook for this coin is quite clear. Adoption is growing and with it the price will do as well. But what can we expect in the short term? Find out below.
Cardano (ADA) technical analysis after marking a new all-time high
After escaping from a lateral range of more than 2 months, Cardano price resumed a strong medium-term uptrend.
Now a push is in the works. At the moment there is no sign of exhaustion, so we could calmly see the price continue to rise in the near future. $ 3 the next target?
However, we may see some slight corrections on the way to new highs, barely visible from the weekly time frame, so we should go watch a lower time frame if looking for any buying opportunities.
Cardano (ADA) weekly chart after reaching a new all-time high Source: TradingView.
Short-term trend may lead to a correction
On the daily Cardano price chart (ADA), we did notice a fairly widespread momentum from the short-term trend, after hitting that new all-time high recently.
Even yesterday we saw bull depletion, reflected in a bullish candle with a long rejection wick, signaling the possible end of short-term momentum.
Now it seems quite likely to see a drop in the next few hours, which will be nothing more than healthy profit taking. Likewise, the prevailing force will roughly exert pressure and seek to resume the trend sooner rather than later.
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