22% Weekly Surge Driven by Grayscale and Brave

Global economic unpredictability is influencing cryptocurrency markets, particularly causing fluctuations in Cardano (ADA) as investor attitudes shift.

Following a weekly surge of 22%, ADA has found itself trading within a range of $0.795 to $0.841, indicating a mix of profit-taking and calculated purchases by significant investors.

Recent events have bolstered Cardano’s position in the market, notably its inclusion in Grayscale’s Digital Large Cap Fund and collaboration with the Brave browser’s wallet integration. These alliances have broadened ADA’s potential reach, notably linking it to a user base exceeding 86 million via the Brave integration.

Data indicates growing institutional interest, with on-chain metrics showing that large holders of ADA, numbering between 100 million and 1 billion, accumulated over 40 million tokens within a mere two days. This surge in activity aligns with ADA’s breakout from a downward trend, hinting at the possibility of continued upward momentum despite some immediate volatility.

Key Technical Analysis Insights

• ADA’s volatility was pronounced over the last 24 hours, with a variation of 0.047 (5.9%) between its lowest point of 0.795 and highest point of 0.841.
• The price trend showed a robust increase in the earlier part of the timeframe, driven by heavy buying activity at the 0.805 support line, which lifted ADA to its maximum.
• As profit-taking grew, a corrective phase set in, leading to substantial selling pressure near the 0.828 resistance, especially around 08:00 when trading volume surged to 90 million units.
• The recent pattern of lower highs since the peak suggests a potential weakening of momentum, yet the price remains supported above the 0.810 threshold, indicating possible consolidation before the next significant price movement.
• In the final hour, ADA saw considerable price fluctuations, featuring a sharp increase followed by a sudden downturn.
• From 13:06 to 13:33, the price rose aggressively from 0.816 to peak at 0.827, marking a 1.3% increase.
• Nonetheless, around 13:44, increased selling pressure led to a quick drop of 1.5%, bottoming at 0.809 in just minutes.
• The appearance of a double bottom in the 0.809-0.810 support zone triggered a slight rebound, stabilizing the price within the 0.813-0.816 range by the close of the session.
• Volume analysis indicates that notable trading activity occurred during the corrective period, with over 2.7 million units traded during the 13:44 candle, suggesting that institutional profit-taking followed the preceding upward trend.