The price of Cardano rose to its highest level for a week from $ 0.810 on Thursday, after it increased by 7 % on the daily chart. The trading volume increased 24 hours in the currency by 69 % to this writing, indicating the promotion of the upward trend. In addition, ADA’s market value grew by one billion dollars last week to reach 28.28 billion dollars, adding credibility to the rise.
However, the currency has failed to find a preposition over the $ 0.850 barrier since early March, and it is likely to remain defeated below, especially in the wake of the excitement that wears the title Ethereum. However, Bitcoin’s violation of the $ 110,000 brand has injected FUD feelings into the broader cryptocurrency market, and the resulting momentum can help separate from the level of resistance. According to InTothheblock, the ADA price correlation with Bitcoin is 0.77, adding credibility to this possibility.
Meanwhile, practical analysis data shows that the value of the open interest contracts in Cardano has grown by 7.9 % in the past 24 hours to reach 427.5 million dollars. This emphasizes the increasing confidence in the investor in the future performance of the currency, which adds the payment to its upscale capabilities. Elsewhere, the Cardano Defi TVL series (total closed value) has increased by 3.9 % in the past 24 hours to reach 371.59 million dollars, according to Devilia. This indicates an increase in benefit, which heralds well at the price of Cardano.
Cardano prediction
The momentum on the price of Cardano calls for more upward trend more than $ 0.794. With bulls control, the currency is likely to go top and face the first obstacle at $ 0.806. The strongest momentum will show this level and the price can pay up to a $ 0.816 test.
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On the contrary, sellers will bear control if the price decreases to less than $ 0.794. This is likely to witness the initial support level determined at $ 0.789. The bullish narration will be invalid if the price collapses less than that mark. In addition, expanded control by sellers can take the procedure to a decrease in a $ 0.780 test.
