Cardano Price Rockets 8% as Bulls Eye End to Negative Monthly Runs

Cardano (ADA) appears set to shake off its negative monthly runs of the past five months as a key indicator has flipped green. Cryptorank data shows that although the monthly average of Cardano stands at 0.57% for the month of March, ADA has surpassed this level amid increased price.

Cardano breaks monthly average as momentum builds

Notably, the data that provides a general overview of the asset’s performance reveals that Cardano has recorded bullish closings in the third month of every year since 2022, except in 2024. 

In that year, the coin slipped below the monthly average to close at -0.94%.

Although the monthly average provides insight into an asset’s performance, market forces could derail the price from the mean figure. For instance, despite historical data indicating a bullish outlook for Cardano between November and February, ADA has finished each of those months in the red zone.

Cardano Price Chart | Source: Cryptorank

However, for March, Cardano appears poised to end this negative monthly run with its uptick in price. 

This price movement has already pushed the monthly average above 1.59%, and stability in price and volume could support a close in the green.

As of this writing, Cardano was changing hands at $0.2872, which represents an increase of 0.92% in the last 24 hours. The coin had soared from a daily low of $0.2823 to $0.2926 before witnessing volatility. 

This has also impacted the trading volume, which slipped by 8.47% to $808.88 million within the same time frame.

Cardano’s key support, resistance levels to watch

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Interestingly, Cardano’s volume spiked by as high as 150% in the last 48 hours, market activity increased because of traders’ activities. The surge signaled potential for ADA’s recovery as investors once again focused on the coin.

With volatility still a concern, Cardano bulls would need to stay active to ensure the coin breaks the five-month negative run at the end of March.

For Cardano to stay green, ADA has to find stability above the $0.282 support so it can retest the $0.304 level. However, if it slips below the critical support, it risks slipping toward $0.27.

Source: https://u.today/cardano-price-rockets-8-as-bulls-eye-end-to-negative-monthly-runs