- Cardano forms a double-bottom chart pattern, aiming for a 40% rally toward its May peak at $0.8630 amid bullish indicators.
- Trading volume surged to $1.1 billion as ADA rose 25% this month, reaching its highest level since mid-June.
- Snek’s rally and rising DEX activity helped shift sentiment in Cardano’s ecosystem, boosting token demand and investor engagement.
Cardano’s ADA token climbed to $0.6320, its highest level since June 16, following a 25 percent gain from its July low. The increase came alongside an 87% jump in daily trading volume, reaching $1.1 billion, based on CoinMarketCap data. This recovery follows a broader crypto market rebound and rising interest in ecosystem-based meme coins.
ADA was creating it on the daily chart at the price of $0.5086 in the form of a double bottom that was both June and April support levels. According to the bullish tendency, the selling pressure is becoming weaker. The neckline of this pattern is at 0.8630 (last visited in May), meaning that there could be a 40% rise in the current position. A spike above this level can also open up the possibility of $1.2153.
Technical Indicators Turn Bullish
Cardano’s Relative Strength Index rose from a previous low of 29 to 56, crossing the neutral 50 line for the first time since late May. This move suggests growing bullish sentiment. Additionally, the MACD lines formed a bullish crossover and are nearing the zero line, reinforcing the current upward trend.
Source: TradingView
Snek, the leading meme coin on Cardano with a market cap of over $163 million, surged 11 percent on July 10. This rally spurred renewed investor interest in other Cardano-based tokens such as World Mobile Token, Liqwid Finance, and Iagon. The increased attention has helped counter the perception of Cardano as an underutilized network.
DEX and Futures Market Gain Traction
DeFi Llama reported that the decentralized exchange volume of Cardano was above 3.1 million dollars on July 10, the highest in more than seven days. In the meantime, ADA open interest futures exceeded 999 million dollars and were closest to the one billion mark that has not been seen since late March. All these signs show that investors are becoming more confident.
Developers are preparing the Glacier airdrop, which will distribute NIGHT tokens to ADA holders. The airdrop is expected to increase user participation and overall interest in the ecosystem.
