- Summary:
- Cardano price market sentiment and momentum signal that a move to $1 is imminent, with the price having touched the highest level since 2022.
Cardano price continued with its strong upside on Friday, bringing it closer to the psychological $1 target. ADA was up by 5.3 percent at the time of writing, trading at $0.866. However, it hit a high of $0.900 on the daily chart, its highest level since May 2022. The crypto coin has gained 49 percent in the last week, building strong traction for the upside.
The path to $ 1
With ADAUSD having touched $0.900, key on-chain metrics support further gains. According to IntoTheBlock data, 29 percent of ADA coin holders are “Out of the Money”, despite the recent rally. This is a significant percentage who are not in a position to sell their assets for profit.
However, the current market sentiment provides an incentive for them to hodl as they wait to turn a profit. Reduced sales are good for an asset’s upside potential, and will provide support for ADA price gains. Meanwhile, Cardano’s traded volume rose by 17percent in the last 24 hours, which augurs well for an asset whose price is on the rise.
Beyond the on-chain metrics, Cardano price’s Average Directional Index (ADX) reading on the 4-hour chart is at 45 as of this writing. This signifies a strong uptrend that could help propel the price toward the $2 mark.
The ADX indicator on the ADAUSD 4-hour chart. Source: TradingView
Cardano price prediction
Cardano price pivots at 0.848, with the momentum signaling control by the buyers above that level. As the upside prevails, the price will likely meet initial resistance at 0.873. However, a stronger momentum will break above that level and could test 0.895.
Conversely, moving below 0.848 will favour sellers to be in control. If that happens, the price is likely to find the first support at 0.830. Beyond that point, the upside narrative will be invalid, and the second support at 0.810 will be the next target.
