Cardano Price Signals Bullishness, $0.80 Support In the Works – Crypto News – Crypto News
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Cardano Price Signals Bullishness, $0.80 Support In the Works Cardano Price Signals Bullishness, $0.80 Support In the Works

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Cardano Price Signals Bullishness, $0.80 Support In the Works – Crypto News

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5 months ago

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Summary:

  • Cardano price upside prospects are supported by Bitcoin’s upside breakout after declining for the most part of the last two weeks.

Cardano price extended its upside to the third day on the trot on Friday, retesting $0.800 and up by 0.3% at the time of writing. In addition, its 24-hour trading volume was up by 65%, affirming the strengthening of the bullish control. Breaking above the $0.800 barrier for the first time in ten days is a strong statement move by ADA and the resulting sentiment could potentially help the coin build traction to retest $1.

ADA’s upside prospects are supported by Bitcoin’s upside breakout after declining for the most part of the last two weeks. The crypto market bellwether has reclaimed the $115k support and that will likely see it create a positive momentum to tow the broader crypto market. Cardano’s Open Interest rise by 4% in the last 24 hours, rising in value to $634 million. That signals rising investor confidence in the coin’s performance, which augurs well for its upside traction.

A key driving factor in the crypto market’s resilience is institutional buying. This is epitomised by the strong performance seen in BTC and ETH spot ETFs. That sentiment could permeate to Cardano price once Securities and Exchange Commission (SEC) finalises its review of the pending ADA ETF applications. Furthermore, Cardano chain has been among the strongest performers in the DeFi industry in the last month, with its TVL growing by 32% in the last month and 14% in the last week. That signals rising utility for ADA which is good for its upside potential.

ADA Price Prediction

ADA price has its pivot at $0.790 and the momentum calls for further upside above that level. The coin will likely meet the first resistance at $0.809. However, an extended control by the buyers will breach that barrier. In addition, the strengthening of that momentum could potentially result in further gains to test $0.834.

Alternatively, going below $0.790 will favour the sellers to take control. If that happens, XRP price will likely find the first support at $0.766. The upside narrative will be invalid below that level. Furthermore, it could result in a stronger momentum to test $0.741.

This article was originally published on InvestingCube.com. Republishing without permission is prohibited.

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