Cardano Price Targets Return to $1 As Winning Streak Flows Into the Weekend
Summary:Cardano price has risen in each of the last five days and the fundamentals and technical metrics signal the continuation of the trend. Cardano price extended its uptrend to five days in a row, as it...
- Summary:
- Cardano price has risen in each of the last five days and the fundamentals and technical metrics signal the continuation of the trend.
Cardano price extended its uptrend to five days in a row, as it gained 1.1% to trade at $0.82 late on Friday. The coin has gone against the trend in the broader market and has gained 16% in the last week. A return to the psychological $1 mark over the weekend could set it up for a stronger run in the new week on the back of a broader market recovery in the last two days.
There has been a notable uptick in whale activity involving ADA. T. Cardano price’s steep upward gradient is attributable to Grayscale’s filling of a spot ADA ETF earlier this week. That signifies substantial institutional interest in the crypto coin. The underlying Fear Of Missing Out (FOMO) sentiment will likely keep the price on the ascent in the near term.
The case for ADA price uptrend is also supported by a strong trading volume. Despite the price rising by double-digits in the last five days, investors are still stocking up the coin. Its 24-hour traded volume was up by 6% as of this writing, affirming a strong bullish sentiment.
Also, the Average Directional Index (ADX) indicator reading on Cardano price 4-hour chart was at 25.8, while the RSI reading was 63. These indicators show a strong uptrend, adding credence to the likelihood of more gains.
ADAUSD chart 4-hour chart
Cardano Price Prediction
The Money Flow Index (MFI) reading on Cardano price favours the buyers to stay in control above the pivot mark at $0.797. The uptrend will likely meet the first resistance at $0.833. However, an extended control by the buyers will break above that level and potentially test the next hurdle at $0.870.
Alternatively, the downside will prevail if the price breaks below $0.797. That could see the first support established at $0.764. The upside thesis will become invalid if the price goes lower than that. In addition, such momentum could potentially test the second support at $0.715.
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