Cardano (ADA) price is on the run, pushing the coin to co-lead the ongoing altcoin buzz as the digital currency just returned to its multi-month high. According to on-chain data, Cardano is up 7.2% and is worth $0.3709 on spot exchanges.
Cardano (ADA) Price Retests Historic Highs
After months of facing a mega-plunge, Cardano’s price is back in the game. Crossing the $0.37 resistance level is particularly a major milestone for the protocol. This is because the last time ADA retested this level was in early June.
After trading at this point, the ADA price dropped to a low of $0.261 despite the consistency of Input Output Global (IOG), the protocol’s parent company in driving developer activities in its ecosystem. The plunge to $0.261 was temporary as the protocol retested another local high of $0.3575 on July 13.
From this point, Cardano (ADA) price recorded its biggest plunge for the year, dropping as low as $0.2469 in late October. ADA Bulls used this price level as a major springboard that helped power this current mega run.
The Cardano metrics at the time of writing prove that this rally is a collaborative effort from both the retail and whale investors. The coin’s trading volume is pegged at $380,929,520, up 24.75% overnight. This growth rate is also a crucial testament to prove that the 24.7% growth in the past week is a function of a healthy market featuring all of Cardano’s ecosystem stakeholders.
With the current outlook, permutations now points to the potentials of Cardano (ADA) price retesting the $0.4 level, a feat which, if achieved, will mark its highest level since April.
The Role of IOG
Input Output Global is considered the chief driver of the current resurgence we are seeing in Cardano’s price. From the start of the year to date, Cardano has welcomed a series of new products and services to help bolster the operational functionality of the blockchain.
Among the products launched include the algorithmic stablecoin DJED, the emergence of its smart contract protocol Mithril, and Lace Wallet. In its weekly development update, Cardano also highlights how it frequently upgrades some of these products, and subsequently, earned itself the recognition for being the blockchain with the best developer effort.
The implication of these events is visible in its key performance milestones quarter on quarter and how ADA has bounced back with viable utilities to lean on.
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