Here’s what Cardano needs for a move above $1

    ADA’s MVRV ratio improved in the last few days.
    Most technical indicators looked bullish.

In recent hours, as the market shifted to a bullish trend, the price of Cardano (ADA) followed suit and rose. With ADA‘s value on the rise, it was on the verge of breaking free from a bullish pattern. If this breakout is successful, there’s a good chance that Cardano will reach $1 soon.

Cardano surges by 3%

Based on information from CoinMarketCap, after a week of price decreases, the value of ADA increased by 3% within the past 24 hours. At the present moment, its price is at $0.608 and its market capitalization exceeds $21.6 billion. The likelihood of additional price increases for ADA appears promising.

Recently, World of Charts, a well-known crypto analyst, shared on Twitter that Cardano (ADA) was on the verge of surpassing the resistance line of a falling wedge pattern. According to the post, if ADA manages to break above this mark, its value could reach $1 within the near future.

Before deciding if it’s worth considering touching the $1 mark, let’s find out if ADA‘s upward trend can be maintained first.

Based on Santiment’s findings, it was observed that ADA‘s MVRV ratio became more favorable over the past few days due to its rising price. Additionally, there was a boost in open interest, suggesting a strong likelihood of Cardano continuing its bullish trend.

Instead of this: “However, the NVT ratio gave us cause for concern as it showed a significant increase.” This implies that the NVT ratio’s rise may signify that ADA is overpriced, potentially halting its upward trajectory.

Here’s what Cardano needs for a move above $1

The number of daily active addresses on the ADA network remained quite elevated until the 6th of April. Additionally, the network’s transaction velocity was fairly brisk, suggesting that ADA was frequently utilized for transactions within a given time period.

Here’s what Cardano needs for a move above $1

ADA is ready for a bigger pump

To confirm if there might be an increase in price for AMBCrypto, we examined its daily chart. The RSI and CMF indicators on this chart showed positive signs with an uptick in values.

The MACD line for ADA signaled a potential bullish trend with an upcoming crossover, potentially pushing its price towards the $1 mark. Yet, the Money Flow Index (MFI) showed bearish tendencies, decreasing in recent days.

Here’s what Cardano needs for a move above $1

Read Cardano’s [ADA] Price Prediction 2024-25

After examining Hyblock Capital’s information, we discovered potential obstacles preventing ADA from reaching $12, specifically for Cardano. Notably, significant liquidation events were identified at approximately $0.62 and $0.68.

To hit a value of $1, ADA needs to surpass its previously mentioned threshold without experiencing a significant price drop.

Here’s what Cardano needs for a move above $1

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2024-04-09 06:15