In the midst of renewed bullish momentum

The weekly chart for the Cardano/USDT pair shows a significant rise, reflecting renewed optimism in the market. After consolidating around the $0.70 to $0.80 range, the price has risen close to the important psychological level of $1.00. This rise is accompanied by increasing trading volumes, indicating strong buying momentum. It appears that the moving averages on the chart are converging, which is a potential signal for a bullish crossover if it continues. Meanwhile, the Moving Average Convergence Divergence (MACD) chart shows increasing positive momentum, indicating a sustained upward trend.

However, traders should monitor the potential for profit-taking near the $1.00 level — a solid resistance level. A decisive breakout above this level could pave the way for further gains, possibly targeting the $1.10 level or higher. On the downside, support may be in the $0.85 to $0.90 area if sentiment weakens.