Key Points
- Cardano (ADA) shows a resurgence of bullish sentiments despite underperformance compared to the broader market.
- Bitcoin (BTC) has reclaimed the $61,000 price mark, sparking optimism across major cryptocurrencies.
Despite trailing behind the overall market, Cardano is experiencing a resurgence of bullish sentiments.
The uptick in sentiment is especially noteworthy considering the wider market scenario. The cryptocurrency market is exhibiting signs of recovery, with Bitcoin regaining the $61,000 price point, thereby reinforcing optimism across major digital currencies.
Cardano’s Rising Sentiments
Despite recently falling out of the top 10 list of largest assets, Cardano is reaping the benefits of this optimism. According to Santiment, Cardano’s weighted sentiment score is an impressive 1.69, outstripping other major assets like BTC and Ethereum.
Data verifies that Cardano’s current bullish sentiments are the highest since 2024. This surge in sentiment coincides with ADA experiencing a significant 47% decline over the past five months.
The increase in positive sentiment surrounding Cardano, despite its ongoing price struggles, represents a divergence in market trends. However, this optimism could be associated with the forthcoming Chang hard fork, which will bring about Voltaire, Cardano’s final era, and a change in governance.
Market Response to Optimism
It seems the market has not yet converted this optimism into a significant price recovery, leaving ADA still lingering at one of its lowest points in recent months.
In contrast, other assets like Bitcoin and Binance Coin have demonstrated more direct correlations between sentiment and price movement. Bitcoin, with a sentiment score of 0.54, has managed to maintain its recovery above $61,000, while BNB, with a sentiment of 0.77, has risen 9% over the past week.
Cardano is currently trading at $0.3438, up 2.1% this morning. The asset currently faces stiff resistance at $0.3872. If it crosses this level, further obstacles lie at $0.4409 and $0.4741. On the downside, Cardano has strong support at $0.3336 and $0.3004, which could act as a buffer if the price retraces.
The Aroon indicator, a tool that measures the strength of the trend, shows that Aroon Up is at 35.71%, indicating a moderate uptrend. However, Aroon Down is at 0.00%, suggesting that there is minimal downward momentum currently.
