The Cardano (ADA) market has favored bullish momentum over the past 24 hours. During this rally, the ADA price swayed between an intraday high and low of $0.3789 and $0.3601, respectively. At press time, ADA continued in its uptrend, with the price changing hands at $0.3738, showing an increase of 3.05% from the intraday low price.

At the same time, the market capitalization of ADA increased by 3% and its 24-hour trading volume had increased by 20% to $13,411,675.

ADA’s Upward Trend Despite Market Fluctuations

Cardano (ADA) is being resilient and rallying through all the swings in the market. The said bullish sentiment is also evident on the ADA Aggregated LONG/SHORT ratio, which stands at 2.35. Seventy percent of them are pegged on an optimistic note as a strong market outcome for the long position, which suggests that the lower prices are re-entry buying opportunities.

One of the major factors behind ADA’s price rise is the Chang Hardfork coming in a few weeks, bringing community governance into the Cardano blockchain and releasing voting rights to ADA holders. The 9.0 update of the node that the founder of Cardano, Charles Hoskinson, insists on, is almost complete and ready for release. The said upgrade is expected to usher Cardano into the Voltaire era, targeting a fully decentralized blockchain ecosystem.

Besides, Cardano’s efforts towards the integration of real-world assets into the Nairobi Securities Exchange have further justified and made the network strong and evolving. These recent moves have helped bolster the current price rally, increasing investors’ confidence in ADA’s future potential.

Short-Term Price Analysis and Key Indicators

ADA’s price action suggests a short-term struggle despite the recent bullish trend. Last week, ADA was buoyant as market participants attempted to break free from a falling wedge. However, the wedge breakout was ruined for ADA by Bitcoin’s downturn and pressured the price to $0.3165. ADA surged 18% up from the crash bottom at the test of $0.37 resistance.

Presently, ADA is below the 50-day and the 200-day simple moving average, with the trend yet to find enough support in this zone. The RSI 14 is at 37, some seven points up from the oversold area, a signal that more selling will push ADA into the oversold territory—usually characterized by high price volatility.

Price Outlook: Key Resistance and Support Levels

A rebound may send ADA 43% to $0.62 if it can hold back the prevailing selling activities. Key resistance levels to watch include $0.46, $0.54, and $0.60. On the downside, bearish trends may see ADA fall by 27% to $0.24, with critical support levels of $0.336 and $0.28.

This is a very bullish divergence between the price of ADA and the RSI, suggesting there might be more of an upswing with ADA. The number of active addresses on the Cardano blockchain is increasing while large holders (10 million-100 million ADA) have increased their long-term positions, confirming their confidence in ADA.

The market does expect further gains in ADA prices as Chang Hardforks and network growth. Investors continue to have good sentiment towards the blockchain project with developments in the Cardano ecosystem.