Cardano ADA Rises 70%, Faces Resistance Challenges

Cardano's ADA token has recently experienced significant gains, with its price rising nearly 70% over a week, reaching levels not seen since March 2024. Analysts attribute this rally to factors including favorable Bitcoin price action and collaboration between Cardano's founder Charles Hoskinson and U.S. lawmakers on cryptocurrency policies. The ADA token's trading volume has surged, with its market cap ranking at #10 at $23.88 billion. Despite the impressive rally, there are signs of weakening momentum indicated by a drop in the Average Directional Index (ADX) and stabilizing whale activity. The ADA's price has reached critical resistance levels, with potential for further gains if it breaks through this barrier. Additionally, ADA's relisting on Robinhood and increased trading activity may provide further market support.