Cardano 40% higher on the back of active development activity

The price of Cardano has increased over 40% since its $0.22 low on June 10 and is holding above an uptrend line with potential for more gains. The increase in network development activity, which saw ADA surpass Ethereum to take third place, is widely credited for the surge.

A breakout with the directional bias requiring confirmation is about to occur as the token fills a triangle. Cardano (ADA) price has managed to sustain along an ascending trendline for almost two months, recording higher highs and higher lows.


The positive outlook remains pronounced despite traders cashing in from the July 13 rally when overflows from the Ripple’s partial victory in the XRP versus SEC lawsuit boded well for tokens the financial regulator had labeled securities.

Cardano (ADA) price is showing off with 40% gains since June 10 as it continues to consolidate along an uptrend line. To the upside, profit-taking has capped ADA from reaching higher as investors quickly book profits from brief rallies. Case in point, most of the gains from the 30% surge on July 13 have already been booked. With buyers and sellers making counteracting traffic, ADA price action is now filling up a pennant.