Cardano Price Up 23% But Can It Break Above $1 After - The Market Periodical

Key Insights:

• Cardano price increased 22.92% over the past 7 days as it broke above the $1 price level.
• The $1.15 price level was the main resistance for Cardano, while ADA had broken out of a wedge on the four-hour chart.
• Cardano held the 5th spot for the most bullish sentiment across all cryptos as its active addresses regained some ground.

Cardano (ADA) price was robust in action the previous week, appearing on the GrayScale list of top performers. The altcoin has maintained a strong trend since dropping to $0.60. With the altcoin season taking shape, the price could return to the $3 levels.

It onchain activity is gaining momentum with tokens launching on its blockchain. Also, memecoins built on Cardano, for instance SNEK, are rising in capitalization. The market cap of SNEK stood at $400 million at the time of press.

Cardano Price Weekly Performance

A deeper look into the price performance of the top 10 cryptos by market cap, Cardano was the best performing last week. Cardano’s price gained about 23% the previous week, followed by Ethereum (ETH) at 7.65%. Binance Coin (BNB) and Solana (SOL) rose by 7.25% and 6.63% respectively.

Tron (TRX) and Dogecoin (DOGE) also saw modest gains, but Ripple (XRP) flopped by about 2.23% over the same period.

Also, for this week that has just started, it was among the only three cryptocurrencies in green. The altcoin started with a drop of 3% in 24 hours, but its trading volume was $2.35 billion. This was a 4% increase in daily volume.

Will ADA Price Break Above After 4 Consecutive Rejections

For the price action of ADA on the daily chart, Ali Charts analysis showed four consecutive rejections around $1.15 zone. The level has held since January. Even the fourth strong push was stopped abruptly signaling sellers were defending this level.

Cardano price has been bouncing between $0.50 and this resistance zone for eight months. A break from the consolidation could result in massive gains. Still, the ADA price could stay confined in between these levels.

Ali’s analysis did not stop on the daily charts. The analyst narrowed down to the 30-minute timeframe charts. Cardano price broke from the wedge formation, retested, and now charges toward the $1 mark.

The funding rates remained green, the same as open (OI) interest. This meant that buyers were dominating the sellers in this market. In other words, buyers were paying sellers to keep their positions running. The OI surpassed $2 billion.

However, the liquidation leverage was more inclined on the seller side than the buyer. The highest leverage for ADA price trades on Binance was in sales just below $1. These orders were composed of majorly 50x leverage as per CoinGlass data.

Cardano Price Sentiment And Network Activity

The market sentiment was also bullish for both the crowd and Smart Money. Per Market Prophit on X, the crowd gauge reading was at 0.03 while that of informed money was at 0.42 at the time of press.

Still, Cardano was fifth among coins with the most bullish sentiment. The sentiment was 89%. Near Protocol (NEAR), Algorand (ALGO), Kaspa (KAS) and Chainlink (LINK) were all ahead with more than 90%.

The network activity was in a slow recovery. Per Artemis Analytics data, the altcoin maintained steady numbers close to the highs seen in mid-May. The current values suggest that Cardano performed on the back of struggling network activity. Usually, high activity coincides with price gains and vice versa.

Final Take on ADA Price Potential

Following the rejections around the $1 level, ADA could spend more time below the mark to gain more liquidity to push beyond. Meanwhile, other metrics like network activity, needed to catch up. Maintaining bullishness in sentiment was also required; otherwise, the break could be delayed.