Key Insights:
- Cardano price tested the $0.78 level and signaled a potential breakout toward $1 level.
- Rising volume and open interest confirmed strong bullish momentum building.
- ADA gained 30% weekly, maintaining strength above $0.76 support.
Cardano (ADA) price has climbed above the $0.80 mark, gaining over 8% and reaching a fresh one-month high. Over the past week, ADA has surged nearly 30%, emerging as the second-best performer among the top 10 cryptocurrencies.
This Cardano price rally has sparked renewed optimism. Analysts are now watching for a move toward the key $1 psychological level.
Factors Supporting the Cardano Price Rise
A sharp increase in ADA price has been accompanied by high trading volume, as 24-hour volume reached above $2.46 billion, over 99% higher. Rising hope for ETF listing approval has also improved the market mood. Now, the chances of Cardano ETF approval have been pegged at 84%.
The market is also rallying upwards, and higher prices are aided ADA, as BTC, ETH, and SOL are also performing well. Technical indicators indicate that Cardano has had a bullish ascending trend, and there is potential for a breakthrough in the future.
Cardano Price Could Break Out Above $1
A crypto analyst has suggested that Cardano price may soon break past the $1 threshold. According to a chart shared by PROFIT BLUE on X, the cryptocurrency is showing signs of strong upward momentum.
The analyst highlighted that the $0.68 to $0.72 range could be a favorable zone for investors looking to begin accumulating a position in ADA.
In the analysis of the chart, a prospective breakout pattern is noticed. It suggests bullish strength following a prior period of consolidation.
ADA seems to be getting ready to break out to the upside with price action marking higher lows and putting up a fight at resistance. Due to the momentum, there may be an upward rally that may surpass $1, meaning that the confidence in the market is improving.
Cardano derivatives are reported to have shown a significant increase in market activity as per the Coinglass data. The progress of the volume of trading increased tremendously, with a gain of 74.50% and a total of $4.29 billion.
This substantial increase in volume shows that traders are more interested and that there is more participation in the Cardano derivatives market.
To add more, the open interest, which indicates the aggregate value of not settled derivative contracts, also experienced an increase. This was a growth of 13.34% to a total of $1.43 billion.
This increase in the volume and the open interest implies that this is gaining momentum in the ADA derivatives market. Traders are seen to be gearing up for a possible price move.
ADA Price Rallies Toward Key Resistance
The ADA price surged significantly on July 17, closing the daily session at $0.7955, up by 5%. The bullish move extended Cardano’s rally within a rising channel pattern, supported by strong buying momentum and technical indicators favoring further gains.
Cardano continued its upward momentum after bouncing from the $0.70 support, a level that previously acted as resistance in June.
The price approached the $0.80 zone, which now serves as the immediate resistance level. A break above this could open the door toward the $0.90 mark, with a longer-term bullish target at $1.00.
Technical indicators supported the bullish sentiment. The Relative Strength Index (RSI) reached 77.52, suggesting ADA entered the overbought territory. However, the sustained strength showed buyers remained in control.
The MACD also confirmed bullish momentum, with the MACD line rising above the signal line and histogram bars printing green. So, these technical indicators, along with other factors, hint that surpassing $1 mark might be possible for Cardano price this time.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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