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Cardano (ADA) has maintained its impressive gains over the past week. At the time of writing, ADA is changing hands at a price of $0.2939, up 2.74% overnight and over 16% in the last seven-day period. With this bullish outlook, the protocol now aims to reach a new level if the market allows its sustained resurgence.
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According to Cardano’s monthly chart, as seen above, the token is currently changing hands at its highest price level of the month, having fallen as low as $0.2414 on October 19. This implies that the next crucial level is the $0.3 resistance level, a Price Point Cardano has not tested since August 10 this year.
Reaching this level may seem achievable, however, the trading level, which has fallen more than 16% overnight, shows discouraging momentum on the part of buyers. Based on the longer-term outlook, long-term Cardano bears appear to be taking profits, implying that the projected breakout of $0.3 might not be feasible in the near term.
Despite the contradictory bullish actions, Cardano’s metrics are improving very noticeably. The wallet profitability metric, which indicated that most investors were at a loss earlier this month, has improved, with only 71% of addresses running out of money at the moment.
Advantage of ecosystem diversity
In recent weeks, Cardano has been one of the main beneficiaries of the bull market resurgence, as investors showed optimism about the possible approval of the Bitcoin spot exchange-traded fund (ETF) by the SEC.
In addition to this positive outlook, Cardano also has a diversified ecosystem with impressive development activity, all set to drive demand for ADA soon. From its support for DeFi to artificial intelligence (AI) and NFT capabilities, Cardano is building an entire ecosystem that is sustainable for the long term.
These form the basis for a possible ADA increase in the future.
