Cardano Price Sees 7% Uptick Amid Renewed Altcoin Risk Appetite

Cardano's price has been on a downward trend for the past month, plummeting by over 22% in the last 30 days. However, in the last 24 hours, the cryptocurrency has seen a significant increase of 7%, rebounding from its recent decline.

This uptick is largely being attributed to renewed altcoin risk appetite and Bitcoin's price surge. As per CoinMarketCap data, Cardano outperformed the broader cryptocurrency market, climbing from a daily low of $0.2546 to a peak of $0.271. This bullish move has sparked concerns of a possible dead cat bounce at play.

A dead cat bounce refers to a momentary recovery period in the price of an asset that pushes the price up sharply, only to continue its previous downward journey. However, if the momentum lingers, Cardano traders may not experience this scenario.