Altcoins are recovering after Bitcoin’s 24-hour 5% jump. Cardano appears to be leading the way. Santiment claims that ADA has a weighted sentiment of 1.69 which is a very lucrative value, surpassing Bitcoin and Ethereum.
Santiment said that Cardano is exploring the strongest bullish sentiments for 2024. This was a noteworthy observation, after the alt fell nearly 50% in the past five months due to prolonged downtrends.
Price action that is bearish and yet ADA has impressive sentiments reveals the differences in market trends.
The optimism is likely due to the long-awaited Chang fork that will transform Cardano’s governance.
These updates have likely saved ADA’s relentless slide as it has seen a significant uptick in the last day.
ADA exceeds resistance zones near term
Altcoins have significantly departed from their previous downward trend as they crossed critical hurdles. Cardano has gained nearly 5% in the last day, hovering at $0.3446 as of this writing.
The positive sentiment among ADA members amid broad-market recoveries has boosted price increases over the last day.
Alt would continue to rise and challenge the resistance of $0.3872. Beyond that, there are significant roadblocks at $0.4409 or $0.4740.
Chang Hard Fork, Binance Pay and Cardano boost sentiments
Chang’s upgrade stories have had a significant impact on the price of the altcoin over the last few sessions. Hard forks are a crucial innovation for blockchain. They unlock new possibilities for Cardano’s users, while also addressing basic obstacles.
Binance Pay’s latest updates have brought Cardano to the forefront of investors’ attention, after the recent top-10 exclusion.
Cardano Foundation announced that Binance Pay customers can transact with ADA. This allows global merchants access to instant payments, and there are no transaction fees.
Binance Pay has more than 30 millions users. This massive base of users will be critical in driving Cardano adoption.
ADA’s current Price Outlook
After gaining 4.89% over the past 24 hours, the token is now trading at $0.3447. The 22% increase in the daily trading volume indicates that ADA will continue to rise.
Cardano has seen its price increase as it lost out to Tron in the top ten altcoins. Coinglass’ data also confirms the optimism of investors, as most are anticipating ADA price increases.
Coinglass’ liquidation map shows that investor sentiment has shifted positively overnight. Long positions are now dominating the short positions, which were $3 million.
The Relative Strength Index of 60.44 also supports further upswings, as ADA has not yet entered the territory of over-bought.
If ADA maintains its current momentum, it could push ADA beyond the critical resistance of $0.4740 to reclaim the top ten position.
As updates occur, this post Cardano shows upward momentum while ADA’s sentiment hits 2024 peaks could be changed.
