Cardano (ADA) Price Update

Cardano (ADA), the ninth largest cryptocurrency by market capitalization, has seen a 5% increase in price amid a slight rebound in the crypto market, where Bitcoin has surpassed the $97,000 mark again.

After days of declining and lackluster price action, the crypto market showed early signs of a rebound in the early Thursday session. Bitcoin rose past $97,000, and several crypto assets, including Cardano, reverted to green, while a few assets posted double-digit gains. The rebound is attributed to fresh capital inflows into the market, sparking optimism that the worst of recent volatility might be behind us.

An increase in USDT exchange inflow, which tracks the movement of USD Coin (USDT) between wallets and exchanges, indicates this change. According to the on-chain analytics platform Cryptoquant, USDT inflow surpassed 450 million for the first time since February 3rd, suggesting a shift toward renewed buying power entering exchanges. Positive inflow (more deposits than withdrawals) indicates greater stablecoin liquidity, which can be a good predictor of market movements.

ADA Price Action

ADA began to rebound from lows of $0.731 on February 19. The rebound continued in early Thursday, with ADA up 4.33% in the last 24 hours to $0.782, and slightly higher weekly, up 1.10%.

Cardano achieved a high of $0.828 on February 17 before falling from $0.813 the following day, indicating that bearish sentiment persists with traders selling on rallies.

For bulls to gain momentum, ADA needs to push and sustain the price above the short-term barrier at $0.82 to begin a move toward the 50-day SMA at $0.90.

Currently, ADA is consolidating between its daily moving averages of 50 and 200 at $0.906 and $0.647, respectively. A successful break from this range could lead ADA to aim for $1.