After weeks of stagnation and crashing to new lows, the crypto market has been in an uptrend for the past few days. Next to it is Cardano (ADA) trailing in the same direction as the upward movement.
ADA is up over 15% in the past 24 hours following recent encouraging news from the coin including DeFi TVL hitting a two-month high and co-founder Charles Hokingson announcing the impending opening of a hospital that ADA will accept as Payment method in February.
Cardano (ADA) rally over the past few weeks
The end of last year brought less-than-optimistic positivity to ADA traders; the coin was bleeding red despite the positive news. However, for the past few weeks, Cardano has been printing an uptrend, and a look at the chart shows evidence of some accumulation of liquidity.
Even market analysis platform Santiment reported At the end of December, ADA was undervalued given the quoted Gathering of Whales and endure exhaustion. According to Sentiment, sharks and whales hold 100,000 to 10 million ADA and are still actively accumulating.
ADA started the year trading price around $0.24 and after its upward move a few days ago, ADA climbed above $0.3 on Monday of last week, rising to $0.34 and currently trading at $0.3283 .
ADA price is moving sideways on the 4 hour chart. Source: ADA/USDT on TradingView.com
The weekend warmed up the process of the nearly 20 percent spike that took place today. Yesterday ADA saw all liquidity up and climbed above every higher high. Although it is difficult to say with certainty whether this rally is the path to a bull run, the chart is pointing to a retracement sooner or later.
The bullish trend overview of the crypto market
ADA was not the only altcoin to show bullish trends. The largest coins by market cap, including Ethereum, Solana, and Binance coin BNB, have been on an uptrend so far.
The top coin, Bitcoin, has made a significant move by breaking out of the $16,000 zone and it is currently trading above the $17,000 region.
ADA and Solana (SOL) are still the biggest gainers among the top cryptocurrencies by market cap. SOL exited the $10-$13 zone and is up 13% with a current market price of $16.3 at the time of writing.
With the Shanghai update somewhere around the corner, ether (ETH) has not been left out on the uptrend. ETH scaled above $1,300 after the prolonged stagnation in the $1,200 region. ETH is up 4% in the last 24 hours, with a current trading price of $1,316 at the time of writing.
Bitcoin gained a few hundred dollars in value. Given its larger market cap, its upmove over the past 24 hours is only about 1.81%, while it’s up 3.8% over the previous 7 days. BNB, having weathered weeks of FUD and bears late last year, is up 6.8% in the past 24 hours at the current market price of $279.
Featured image by Freepiks, chart by TradingView
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