Cardano Sees Modest Rebound but Sustained Growth Remains Uncertain

Cardano's price has been steadily increasing over the past 24 hours, up by over 7% from $0.2546 to $0.2916. However, this rebound is not a new phenomenon, as Cardano's price had previously dropped significantly in February.

The main driver behind this reversal is Bitcoin's upward momentum, which has cleared the $65,000 resistance level and lifted broader sentiment. As a result, risk appetite for altcoins has increased, with Cardano being one of the beneficiaries. However, traders are still cautious about the sustainability of this rally, given that it is largely beta-driven.

Traders are watching whether Cardano can hold above its $0.26 support level and build on the rally. If the price holds above this level while trading volume remains elevated, it could indicate a stronger rebound rather than just a dead cat bounce.