Cardano Price Forecast as $500 Million Trading Volume Comes In – Are Whales Buying?
The Cardano price has risen by 8% in the past 24 hours, reaching $0.437258 after Ethereum's successful Shanghai upgrade boosted the cryptocurrency market as a whole.
ADA's current price means that it has gained by 14% in a week and by 27% in the last 30 days, while the altcoin is up by 77% since the start of 2023.
And with its 24-hour trading volume rising beyond $500 billion in the past day, it seems that enough liquidity is entering the altcoin's market to send its price even higher.
On top of this, Cardano continues to grow as a platform, with its total value locked in rising steadily and with other 1,200 projects building on its network, all of which points to a steadily rising ADA price over time.
ADA's chart makes for some encouraging reading, with its indicators showing plenty of momentum right now.
Its relative strength index (purple) has climbed over 70, a level which signals a breakout rally.
At the same time, its 30-day moving average (yellow) continues to ascend further above its 200-day average (blue), something which also supports the claim that a breakout is under way.
If ADA can break through the $0.44 resistance level than this rally could continue for a while longer yet, potentially lifting the altcoin to $0.45 or a little higher before running out of steam.
The short-term cause of the coin's rally today is the bullish news that Ethereum successfully completed its long-awaited Shanghai/Shapella upgrade, which enables the withdrawal of staked ETH.
While this news obviously has no direct bearing on Cardano, it has nonetheless instigated an altcoin rally, with most major layer-one cryptocurrencies posting 24-hour gains today in excess of Bitcoin (BTC).
More generally, the market is also being buoyed right now by the
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