#CardanoDebate Future price of Cardano: these positive signals on the blockchain and the main support area could stimulate the price of Cardano (Cardano-ADA) to rise to $1.
The price of Cardano (Cardano-ADA) has dropped by approximately 16% in the past month, coinciding with the calm of the upward wave that encompassed the crypto market as a whole amid rising trade tensions between the United States and China.
It seems that pessimism has begun to overshadow the general sentiment of investors recently, according to the Fear and Greed Index, which has seen its reading decline from a temporary peak of 76 (indicating greed) to 55 at the time of writing this news. Therefore, this reading suggests that investors are currently adopting a more cautious approach in these uncertain conditions.
On another note, Cardano's trading volumes have increased by about 36% in the last 24 hours, leading to a 1% rise in price during the same period.
Additionally, an important indicator known as Market Value to Realized Value (MVRV) suggests that profits have started to shift from short-term holders to long-term holders due to the recent price recovery.
This is considered a positive signal encouraging long-term holders of the currency to retain their assets, which reduces selling pressure in the market overall.
Based on this data, the reasonable price prediction for Cardano revolves around the level of $0.66, which has long played the role of a key area for purchasing the currency in large quantities, and it is the same area where the price of the currency quickly recovered after the recent decline.
Cardano Price Forecast: What does Cardano need to reach $1?
The price of Cardano has formed a descending wedge pattern since the beginning of the decline in mid-May.
The price of the currency found strong support at the level of $0.66, where traders successfully set a trap for the bears (those speculating on a price drop) immediately after the price fell below this area.
Although the price has already broken through the descending wedge pattern and risen above it, the trading volumes on the daily chart remain insufficient to confirm the strength and sustainability of this breakout.
As the price is currently touching a major support level, a rapid increase from this point may confirm the bullish price expectations for Cardano with a near-term target of $1, according to the rising wedge pattern.
Furthermore, a golden cross between the exponential moving averages (EMA) measured over 9 days and 21 days confirms these optimistic expectations, while momentum indicators seem to be on the verge of giving a buy signal.
In any case, if the adoption of Cardano continues to grow and its actual uses increase, the price may continue on its path to reach $100 in the coming years, especially if the crypto market enters a new era of integration and widespread adoption.
