Cardano (ADA) Inches Closer to $1—Can It Break Through Soon?

• Cardano is currently trading at $0.7257.
• ADA’s 24-hour trading volume has surged by over 48%.

After a 3.11% jump, the total crypto market cap has recovered to $2.81 trillion. Yet, market sentiment stays cautious, as the Fear and Greed Index holds at 31. While assets attempt to regain footing after a series of declines, Cardano (ADA) has posted a modest 0.49% spike.

The asset’s momentum remains uncertain, as the indicators deliver conflicting cues. In the early hours, Cardano traded at a low of $0.7169 and eventually mounted toward the $0.746 mark. 

At press time, Cardano trades at $0.7257, with its daily trading volume reaching $1.08 billion. Concurrently, the market has witnessed a $2.04 million ADA liquidation during the timeframe. 

The Ali chart shows a sharp rise in holdings by large wallets. In the last 24 hours, whales have accumulated around 190 million ADA, exhibiting renewed confidence. 

What Lies Ahead for Cardano?

ADA’s Moving Average Convergence Divergence (MACD) line is located above the zero line and indicates bullish momentum. However, the signal line is below zero infers that it hasn’t completely shifted to a strong bullish wave. 

The Chaikin Money Flow (CMF) indicator found at 0.28 suggests accumulation, reflecting a healthy inflow of money into the asset. Significantly, the daily trading volume of Cardano has increased by over 48.85%.

If the bullish grip tightens, the price of Cardano could test the $0.7419 resistance. The formation of a golden cross would strengthen the upside correction and push the price toward the $0.80 mark. 

Assuming the bears take control, Cardano could find its next support near $0.7022. A failure in holding this level might open the door to more downside, unleashing a bearish phase and plunging to $0.66.

ADA’s market is balanced, with no strong trend dominance with the daily relative strength index (RSI) resting at 52.13. Besides, the Bull Bear Power (BBP) value of 0.007 hints at a slight bullish advantage in the market.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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