Cardano Price Rallies 32% Amid Growing Holder Support

Cardano's price has been on an upward trend for four consecutive days, with its weekly gains exceeding 32%. This surpasses the performance of most top 20 cryptos by market capitalization, which saw weekly gains ranging from 1% to 18%. Cardano outperformed the rest, except for Zcash and Bitcoin Cash, which rose 20% and 23%, respectively.

The recent price surge comes after a period of intense FUD (fear, uncertainty, and doubt) that created rifts in its community last month. According to Santiment, Cardano's price decoupled from this peak FUD. This is reflected in the addition of 14,783 new non-empty ADA wallets since June 23rd.

Cardano's price has risen 37% from its low point on June 25th, when it reached $0.138. At the current price of $0.189, Cardano is showing signs of life again. The recent holder growth might suggest that the crowd is regaining trust in the asset.

The next key level for Cardano's price rally is $0.20, which it has been trying to break through. If it surpasses this level, it will eye $0.27 near its daily MA 200. On the other hand, support is envisioned at $0.138 in case of profit-taking.