Cardano’s ADA token has surged to its highest price in five months, gaining over 6% in the past 24 hours as trading volumes spiked amid a broader upswing across the cryptocurrency market.
Opinions among analysts remain split regarding ADA’s near-term prospects. Some foresee the possibility of a bullish breakout that could drive prices into the $0.70–$0.72 range. However, others caution that bearish signs persist in on-chain data, including falling active wallet counts and significant outflows from exchanges.
Macroeconomic factors are also weighing on the crypto landscape. President Trump’s continued push for tariffs has fueled global economic uncertainty, leaving traders focused on both technical analysis and geopolitical developments to assess whether ADA’s latest rally represents a lasting recovery or merely a temporary bounce.
Technical Insights
- ADA formed a strong upward trend, peaking at $0.611 at 08:00 UTC, reflecting a 5.69% increase from its starting price of $0.578, based on CoinDesk Research data.
- Notable buying activity appeared near $0.590 at around 05:00 UTC, with trading volumes exceeding 48 million tokens, helping lift the price higher.
- Resistance emerged near $0.609 during the 12:00 hour, where volumes climbed to 81.6 million, indicating some traders were taking profits following the earlier rally.
- Between 14:50 and 15:49 UTC on 3 July, ADA faced selling pressure, sliding from $0.599 down to $0.589—a roughly 1.7% drop.
- A sharp drop at 15:35 UTC saw ADA fall to $0.589 amid trading volumes of 7.5 million, helping define a key support level.
- A minor recovery took place between 15:36 and 15:42 UTC, with ADA stabilizing around $0.591 before further selling nudged prices lower again.
- In the final trading minutes, ADA managed a modest rebound from its session low of $0.588, finishing at $0.589, hinting that short-term selling pressure may be easing.
