• Cardano (ADA) rebounds from $0.70 support, testing the 50-day EMA with signs of a move toward $1.20.
• The treasury vote unlocks Cardano upgrades for speed, scalability, and dApp performance.
• Rising open interest and lower volume suggest silent ADA accumulation ahead of a breakout.

Cardano (ADA) is currently moving in an upward direction and experiencing a surge in its price, in line with the overall market. The ADA price over the last 24 hours is up by 1.44%, but over the last week it is down by 12.05%.

Currently, ADA is trading at $0.7244 with a 24-hour trading volume of $1.01 billion, up by 6.44% over the last 24 hours. The coin has a market capitalization of $25.66 billion, which is up by 1.43%.

The general market trend is now turning bullish as BTC has started its upward momentum. The overall market is impacted by this upward momentum, including altcoins like ADA.

Cardano Treasury Vote Ignites Key Network Upgrades

According to a prominent analyst, Crypto News Hunters, the Cardano community has voted for treasury funding for performance, scalability, and UX upgrades. This shows the priority of Cardano in becoming faster, less congestion-prone, and developer-friendly. Upgrades in the pipeline include increases in transaction speed and congestion prevention and responsiveness improvement of dApps.

As Cardano expands throughout DeFi, identity, and enterprise applications, these upgrades constitute an important step forward. With funding in place, the pace of development will pick up without deviating from Cardano’s decentralized, research-oriented strategy. The vote indicates high community engagement and large strides in the pipeline.

Also Read: Cardano (ADA) Targets $1.20 Short Term as ETF Optimism Grows

ADA Rebounds From $0.70; Can It Hit $1.20 Next?

Cardano (ADA) has recovered from the important support in the area of $0.70, which coincided with the 200-day EMA and the lower Bollinger Band, signifying the reversal of trend. Now at $0.7239, it is testing the 50-day EMA at $0.7236. Momentum indicators are mixed: RSI has jumped to 45.58 from oversold, which is an indication of the recovery, while the MACD is still negative but showing the sign of a bullish crossover indication.

If ADA breaks the present support along with the above resistance at $0.7580, it can proceed towards the $0.90 to $1.00 supply zone. Breaking out of that zone offers entry towards the $1.20 resistance. Until the breakout is confirmed, investors and traders need to remain vigilant for the confirmation indications, particularly through RSI, MACD, and price volume action, to validate ADA’s next big move.

ADA On-Chain Data Hints at Accumulation Phase

The on-chain indicators reveal that the trading volume declined by 21.38% to $1.70 billion, registering a short-term pause in the action in the market. However, the open interest increased by 3.08% to $1.27 billion in the same timeframe, which hints at the fact that traders could be accumulating positions in secret and heading towards a breakout watch.

However, the OI-weighted sentiment dropped slightly to -0.0007%, reflecting caution. Previously, minor negative figures in OI-weighted indicators were accompanied by bullish follow-through, especially when the price action was heading towards pivotal support levels, often leading to a bullish reversal.

Also Read: Cardano Price Forecast: Will ADA Hit $3.10 Again or Drop Further?