Cardano has seen a significant increase recently as its price is currently trading near $0.93, following an estimated rise of about 10% during August. This increase was not just a result of market movement but was also supported by large amounts of the currency being withdrawn from trading platforms to private wallets, reflecting investors' inclination to hold it for the long term.
Technically, Cardano has successfully broken the downward channel that has dominated its movement for a long time, pushing it to record its highest level in about five months. Currently, the price range of $0.91 - $0.96 forms a strong support area, and maintaining the price above it is a positive signal for the continuation of upward momentum.
The next critical level is $1.00, which is considered an important psychological barrier. If the price manages to break through it with a strong close supported by high trading volume, we may see movement towards levels of $1.12 - $1.20 in the near term, with the possibility of reaching $1.50 if the positive momentum continues.
However, some momentum indicators like the Relative Strength Index (RSI) suggest that the currency is in an overbought state, which may push the market to make a slight correction or take profits before resuming the rise.
In summary:
If Cardano manages to stay above the $1.00 level, it may continue its journey towards higher levels. However, if it breaks the support below $0.91, we may witness a pullback to gather liquidity before any new upward attempt.
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