U.Today - Cardano (ADA) has retained its impressive gains over the past week. At the time of writing, ADA is at a price of $0.2939, up 2.74% overnight and by more than 16% in the trailing seven-day period. With this bullish outlook, the protocol is now eyeing swinging to a new level if the market permits its sustained resurgence.
ADA 1M chart. Source:
From Cardano's monthly chart as seen above, the token is currently changing hands at its highest price level for the month, having dropped as low as $0.2414 on Oct. 19. This implies that the next crucial level is the resistance level at $0.3, a price point Cardano has not tested since Aug. 10 this year.
Pushing to this level might seem achievable, however, the trading level, which has slumped by more than 16% overnight, shows a dampening push from buyers. Per the outlook on bigger time frames, Cardano's long-term bears appear to be taking profits, implying that the anticipated breach of $0.3 might not be feasible anytime soon.
Despite the conflicting bull-bear actions, Cardano's metrics are improving in a very remarkable way. The wallet profitability metric, which most investors are in losses earlier this month, has improved, with just 71% of addresses slipping out of money at this time.
Ecosystem diversity advantage
Over the past few weeks, Cardano has been a of the bullish market resurgence as investors showed optimism over the potential approval of spot Bitcoin exchange traded fund (ETF) from the SEC.Besides this positive outlook, Cardano also has a diversified ecosystem with impressive development activity all targeted at boosting the demand for ADA shortly. From its support for DeFi to and NFTs, Cardano is building a full-suite ecosystem that is sustainable in the long term.
These form the basis for a prospective ADA surge moving forward.