Cardano (ADA) is eyeing $1! ๐ After rallying 125% in the past two weeks, ADA looks set to continue its upward momentum. ๐ Currently, ADA is consolidating near a key resistance level of $0.77, and usually, when the price consolidates at a key level, there is a possibility of a significant rally. ๐ฅ
If ADA can break out and close above $0.78, the price could surge by up to 30%, possibly even reaching $0.98 or $1 in the near future. ๐ฐ Currently, ADA is trading above the 200 EMA on the daily chart, indicating an uptrend, but its RSI is showing potential for a correction as it is already in the overbought zone. ๐ฌ
However, the sentiment around ADA remains bullish, so there is a possibility that the price could break through this level quickly. ๐ช In addition to technical analysis, on-chain metrics also support this bullish outlook. ๐ ADA open interest (OI) increased by 5.90% in the last four hours, indicating high trader activity. ๐
Currently, ADA is trading around $0.76 and is up 4.12% in the last 24 hours, although trading volume is down 27%, indicating slightly lower trader participation. ๐ค So, all eyes are on ADA to see if it can reach $1! ๐
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