Cardano grew by 10%: ADA bulls are regaining control

The price of Cardano has surged by 10% over the past 24 hours, following the overall rally in the cryptocurrency market and reaching a two-month high. Bulls are supporting the rise of ADA.

Let’s figure out what’s happening in the Cardano market ADAUSDT and what to expect from the cryptocurrency price.

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The rise of Cardano by 10% increased the profitability of the token

On-chain data from Santiment shows that the double-digit rally of Cardano has increased the percentage of its supply in profit. At the time of writing, about 74.14% of the circulating supply of ADA — equivalent to 26.91 billion tokens — is currently in profit.

This means that a significant portion of the circulating supply is now worth more than at the time of acquisition. Historically, the rise in profitable supply correlates with the resumption of accumulation and often indicates further growth as market sentiment improves.

Moreover, in the derivatives market, the ADA funding rate remains confidently positive. This indicates that traders are increasingly taking long positions in anticipation of further rise. Currently, it stands at 0.0099%.

When the rate is positive, traders with long positions pay those holding short positions. This indicates bullish sentiment and expectations of price rise.

ADA Forecast: Is a Return to $0.76 Possible?

If buying pressure increases and bulls maintain dominance, ADA may continue to rise and reach $0.84.

However, if buyers start to tire and traders begin to take profits, ADA may break support at $0.76 and drop to $0.66.

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