Cardano (ADA) has recently caught a significant uptrend that has attracted the attention of investors. The increasing interest of investors and the positive atmosphere in the market have given ADA’s price an upward momentum. With the rumors about the ETF, there has been an expectation towards the $3 target for ADA. Analyst Dan Gambardello stated that if ADA receives ETF approval, the price could make a serious jump. These developments have increased confidence in ADA among investors.
Strong Market Activity and Bullish Signals
The ADA price has increased by 12.12 percent in the last 24 hours, reaching $1.20. This increase was an indication of the increasing confidence among investors and traders. The trading volume increased by 343.08 percent, revealing the high level of interest in ADA. This trading volume indicates that investors’ confidence in ADA may increase in the short term.
In addition, Cardano’s market cap increased by 12.12% to $42.05 billion. This strong market behavior creates a solid foundation that supports ADA’s upward movement. Investors believe that current market conditions indicate that ADA could rise even higher.
Critical Support and Resistance Levels
ADA price formed important support points at $1.05 and $1.07. The $1.05 level stood out as a strong reversal point that prevented previous declines. The support formed at this level limited ADA’s downward movements. The $1.07 level acted as intermediate support during minor pullbacks and allowed the price to continue its rise.
On the other hand, the $1.22 level stands out as a strong resistance point. ADA has slightly bounced back from this level. Also, the $1.18 level briefly halted the rise as a minor resistance point . However, ADA is showing strong momentum to break out of these resistance levels, creating more confidence among investors.
Momentum Signals and Upside Potential
Momentum indicators are painting a positive picture for Cardano. The 1-hour Relative Strength Index (RSI) is at 61.39. This also shows that ADA is approaching the overbought territory. However, this indicates that buyers are still interested in ADA in the short term. Investors are interpreting these indicators as a signal that ADA could make further gains in the short term.
Additionally, the 1-hour Moving Average Convergence Divergence (MACD) is trading above its signal line. This suggests that Cardano is maintaining its bullish momentum and the price could push higher. ADA looks set to continue this rally, supported by strong technical data. Traders believe that ADA can carry this momentum into the longer term.
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