Cardano price could rally beyond $1 on one condition
- After six months of a downtrend, Cardano price eyes the $1 level having hit a daily high of $0.96.
- Data from crypto intelligence platform Santiment reveals crowd sentiment on Cardano hit its most positive level since mid-November 2021.
- Analysts predict a continuation of the Cardano price uptrend, fueling a bullish narrative among investors.
Cardano price is on track to break out as analytics at a leading crypto data firm predict a rally in ADA. Analysts believe Cardano price could hit $1 if a condition is met.
Cardano uptrend to continue as ADA crosses $0.95
Cardano price hit a daily high of $0.96, breaking into an uptrend today. Proponents believe the two significant drivers of Cardano’s price rally are the increasing number of apps and on-chain activity on the ADA network and the crowd sentiment.
Analysts at the crypto data intelligence platform Santiment observed that the sentiment among investors on Cardano price hit the highest level (positive) since November 2021. Typically, positive sentiment among investors is aligned with a price rally in the altcoin.
Analysts noted that Cardano had enjoyed a modest price rise over the last sessions, and traders have been awaiting a breakout in the altcoin.
Over the past month, 100,000 new wallets and 400 new projects joined the Cardano network, driving the adoption of the Ethereum-killer altcoin. Analysts at the GWW have identified a megaphone pattern in the Cardano price chart and observed ADA is underpinned by support and resistance.
Cardano crossed resistance at $0.93 before breaking out further, and the bulls have maintained the momentum. Analysts believe Cardano price could explode and cross $1 in the short term.
Analysts at @TrendRidersTR predicted the bounce in Cardano price on the 12-hour chart, and a bullish trend reversal is now confirmed. Analysts believe Cardano price breakout beyond $1 and a higher high is now imminent.
Another perfect bounce marked by our reversal signals.$ADA #RiderAlgo https://t.co/IDNG4mDafT pic.twitter.com/mHur44to28
— Trend Rider (@TrendRidersTR) April 20, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
