We will explore together in our article about the future price of Cardano, those positive signals on the blockchain and the main support area that could stimulate the rise of Cardano (Cardano-ADA) price to $1.
The price of Cardano (Cardano-ADA) decreased by approximately 16% last month, coinciding with the calming of the upward wave that included the crypto market as a whole amid escalating trade tensions between the United States and China.
It seems that pessimism has begun to overshadow the general mood of investors recently, according to the Fear and Greed Index, which has dropped from a temporary peak of 76 (indicating greed) to 55 at the time of writing this news. Accordingly, this reading suggests that investors are currently adopting a more cautious approach amid these uncertain conditions.
On another note, Cardano's trading volumes increased by about 36% in the last 24 hours, leading to a price rise of 1% during the same period.
Additionally, an important indicator known as Market Value to Realized Value (MVRV) indicates that profits have begun to shift from short-term holders of the currency to long-term holders as a result of the recent price recovery.
This is considered a positive signal encouraging long-term holders of the currency to hold their assets, which reduces selling pressure in the market overall.
Based on this data, the logical 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, the same area from which the price of the currency quickly recovered after the recent decline.
Cardano Price Predictions: What does Cardano's price need to reach $1?
Third-party ads. Not an offer or recommendation from. You can see the disclosure from here or remove the ads.
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) right after the price fell below this area.
Although the price has already broken the descending wedge pattern and rose above it, trading volumes on the daily chart are still not high enough 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 predictions for Cardano with a target of $1 in the near term, according to the rising wedge pattern.
Moreover, the occurrence of a golden cross between the 9-day and 21-day exponential moving averages (EMA) confirms these optimistic predictions, while momentum indicators seem to be on the verge of giving a buy signal.
In any case, if Cardano's adoption continues to grow and its actual use cases 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.
The post Cardano Price Predictions: A key level that will determine the fate of the next rise, can the price reach 100
