Cardano (ADA) Recovery Signs

Cardano (ADA) is showing signs of recovery in the cryptocurrency market, with prices increasing from $0.6291 to $0.6441. The current setup indicates significant rebound potential for the asset according to Bollinger Bands.

ADA Bollinger Bands Hint at Uptrend Formation

As per CoinMarketCap, Cardano is currently trading at $0.6330, marking a 0.21% increase over the last 24 hours. This is a minor correction from previous highs in earlier sessions.

The price trend is positioned around the lower Bollinger Band, a potential bullish signal for ADA. Hitting this lower band suggests that the only direction left for the price is upward. If bulls regain control, Cardano could climb to the $0.67 to $0.70 range, should market enthusiasm return.

At the time of reporting, trading volume has dropped by 46.33% to $589.3 million. For ADA to see any rebound, active buying by investors is essential. Recently, Cardano whales purchased over 120 million ADA within 48 hours in anticipation of bullish momentum.

However, the current trading volume suggests that these large holders have retreated. For a sustained rebound, increased activity from whale investors is needed.

Cardano: Kraken Listing Could Increase Adoption

In a notable update, the Cardano Foundation announced that Kraken OTC has listed ADA trading options, enhancing Cardano’s visibility among Kraken users and potentially boosting its trading volume.

Additionally, the broader Cardano community is buoyed by a recent Bloomberg report where analysts stated that the SEC has a 75% chance of approving a Cardano exchange-traded fund (ETF). This figure is an improvement from previous assessments, which could trigger bullish sentiments and increased trading volume in the community.