Cardano Rises 4% Amid Market Recovery: Can It Hit $1 by Summer?

• Cardano’s price rose by 4% in 24 hours, hitting $0.4728, yet it’s down 10% in a week and 21% in 30 days.
• Despite short-term losses, Cardano exhibits robust fundamentals, including an 80% surge in trading volume.
• Ongoing developments and positive fundamentals suggest Cardano may recover, with predictions of reaching $1 by summer.

Cardano (ADA) has experienced a noteworthy 4% surge in the past 24 hours, reaching a value of $0.4728. This uptick, however, only partially mitigates the broader losses suffered by ADA, with a 10% decrease over the past week and a more substantial 21% dip in the last 30 days.

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Despite these short-term setbacks, Cardano’s underlying strength lies in its robust fundamentals. The altcoin has seen an impressive 80% surge in trading volume, indicating heightened market activity and potential investor interest. 

Examining Cardano‘s chart, certain indicators suggest caution. The relative strength index (RSI) has plateaued around 40, struggling to regain momentum since its decline from 80 in December. Additionally, the 30-day moving average continues its downward trend, threatening to dip below the 200-day moving average. The Cardano price itself has fallen beneath the 30-day average, signaling strong selling pressure in the market.

Despite these warning signs, Cardano’s strong fundamentals may pave the way for a recovery. The blockchain network has experienced significant growth, with a 300% increase in total value locked over the past 12 months. A staggering 157 apps/projects now run on the Cardano network, showcasing its expanding ecosystem.

Positive sentiment is further bolstered by ongoing developments, as Cardano progresses into the Basho phase of its roadmap, focusing on scaling improvements. Looking ahead, some market observers predict that Cardano could reach $1 by the summer, especially with the optimism surrounding the next Bitcoin halving. 

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