According to Coingecko data, ADA price increased by 27% to 64 cents in the last day, for a strong 56.3% growth<\/a> over the previous seven days. It is the largest increase since August 2022.<\/p>\n With the removal of the three major obstacles\u2014the $0.40, $0.45, and $0.50\u2014investors may begin to experience FOMO, or “fear of missing out,” as they discover ADA to be a compelling investment.<\/p>\n No doubt, Cardano has emerged as one of the most appealing assets<\/a> available on the cryptocurrency scene, attracting interest as traders fervently hope that the current bullish trend holds or if they are in for a startling letdown.<\/p>\n The money flow index’s (MFI) steady rise indicates that Cardano is firmly in the hands of bulls. For traders, there are currently several prospects for scalping, but in order to maintain investor optimism for a recovery to $1.00, ADA price needs to confirm higher support above $0.64.<\/p>\n An indicator that keeps track of money coming into and going out of Cardano is the MFI. Prices usually increase when the inflow volume far exceeds the outflow volume. This could account for the breakout from $0.65, and ADA might try to close the difference to $1 before the end of December if the trend holds steady.<\/p>\n The ADA price has been recognized for its gradual but consistent increase, which has kept the token from seeing a strong surge despite the favorable market sentiment.<\/p>\n The forthcoming trade’s outline, however, seems to have altered as traders have been more engaged on the network, which might perhaps support a healthy upsurge. The on-chain statistics shows that the daily active address has increased significantly and reached quarterly highs.<\/p>\n Based on data from IntoTheBlock, around 80% of Cardano wallet addresses are sitting on unrealized profits at the current $0.56 price level.<\/p>\n If the wallet addresses stated above realize their gains, the asset’s price could correct since more people would be inclined to sell.<\/p>\n \ud83d\udcc8 The notable #crypto<\/a> market leaders over the past 24 hours are #Cardano<\/a> (+19%), #Solana<\/a> (+11%), and #Optimism<\/a> (+11%). Each is seeing one of their highest social dominance days of 2023. With this implied #FOMO<\/a> kicking in, proceeding with caution is wise. https:\/\/t.co\/QvxDrofqJt<\/a> pic.twitter.com\/aUqIDoCLho<\/a><\/p>\n \u2014 Santiment (@santimentfeed) December 8, 2023<\/a><\/p><\/blockquote>\n Meanwhile, ADA and a few other popular cryptocurrencies have exploded in social dominance, albeit Bitcoin’s influence is also growing.<\/p>\nCardano Bullish Momentum Sparks Optimism<\/strong><\/h2>\n
Cardano currently trading at $0.622836 level today. Chart: TradingView.com<\/a><\/pre>\n
Cardano Daily Active Addresses Climb<\/strong><\/h2>\n
![\"\"](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/a-60.png?resize=1024%2C405\")
Source: IntoTheBlock<\/pre>\n\n